0001104659-26-069252 | 10-Q | XBRL Viewer

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Income Taxes (Details) - USD ($)	3 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Disclosure [Line Items]
Effective tax	$ 0
BW Ultimate Parent, LLC and Subsidiaries
Income Tax Disclosure [Line Items]
Effective tax	0	$ 0
Estimated interest or penalties	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Summary of Significant Accounting Policies - Redeemable Senior Preferred Membership Interests (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Temporary Equity [Line Items]
Accretion	$ 10,402	$ 8,394
Redeemable senior preferred membership interests
Temporary Equity [Line Items]
Effective interest rate	17.20%
Accretion	$ 10,402	$ 8,394

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Long-Term Purchase Commitment [Line Items]

Commitments and contingencies

11.	Commitments and contingencies

Purchase commitments

The Company has minimum retail gasoline volume purchase requirements with various unrelated parties. These gallonage requirements are purchased at the fair market value of the product at the time of delivery. Should these gallonage requirements not be achieved, the Company may be liable to pay penalties to the appropriate supplier. As of March 31, 2026, the Company has fulfilled all gallonage commitments. The amounts purchased under these requirements were $288,303 and $261,635 for the three months ended March 31, 2026, and March 31, 2025, respectively.

The following provides minimum volume purchase requirements on March 31, 2026 (in thousands of gallons):


Years ending
2026 (remaining period)		123,128
2027		130,638
2028		120,000
2029		120,000
2030		60,000
Total		553,766

Other commitments

The Company contracts with various contractors to build its stores. As of March 31, 2026, and December 31, 2025, the Company had aggregate remaining commitments of approximately $22,744 and $9,161, respectively. These contracts are expected to be completed by the end of the second quarter 2026.

The Company invested in Intrepid Venture GP, LLC as a Limited Partner in December 2021. This investment is accounted for using the cost method. The investment requires the Company to make capital contributions in cash to the partnership from time to time up to $3,000. As of March 31, 2026, the Company had an investment balance of $1,812 included in Other assets in the accompanying unaudited Condensed Consolidated Balance Sheets and a remaining commitment totaling $1,188.

Environmental liabilities

The United States Environmental Protection Agency and several states have adopted laws and regulations relating to underground storage tanks used for petroleum products. The Company has engaged environmental consultants to continually evaluate and monitor its locations for environmental compliance and potential remediation. If remediation is required, the Company’s consultants assist in developing remediation plans and cost projections, implement remediation actions, and monitor the sites as required. It is reasonably possible that the requirement for and the cost of remediation could change in the near term as a result of (1) changes to the remediation plan as required by federal, state, or local authorities, (2) changes in technology available to treat the sites, (3) unforeseen circumstances at the site, and (4) differences between projected and actual costs. Where allowable, the Company has filed claims under its property insurance policies and with federal, state, and local agencies for ongoing maintenance and preventive care required by the Company’s insurance carriers. The Company accrues for environmental remediation liabilities when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Therefore, although the Company believes that these environmental liabilities are adequate, no assurances can be made that any costs incurred in excess of these environmental liabilities or outside of indemnifications or not otherwise covered by insurance would not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of March 31, 2026, and December 31, 2025, the Company had an estimated liability of $3,262, recorded on an undiscounted basis in Other noncurrent liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. Amounts may be paid out over a period that extends beyond one year from March 31, 2026. Environmental remediation and maintenance expense totaled $551 for each of the three months ended March 31, 2026, and March 31, 2025, and is included in Selling, general, and administrative expenses in the accompanying unaudited Consolidated Statements of Income.

Legal proceedings

From time to time, the Company may be involved in legal or administrative proceedings or investigations arising from the conduct of its business operations, including, but not limited to, contractual disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is management’s opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on the Company’s accompanying unaudited Condensed Consolidated Financial Statements.

Subsequent Events - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 27, 2026	Apr. 23, 2026	Apr. 23, 2021
Subsequent Event [Line Items]
Common stock shares issued			100
Subsequent Event \| BW Ultimate Parent, LLC
Subsequent Event [Line Items]
Number of shares acquired		16,100,000
Subsequent Event \| Class A common stock \| IPO
Subsequent Event [Line Items]
Common stock shares issued		14,000,000
Issue price per share		$ 20
Subsequent Event \| Class A common stock \| Over-Allotment Option
Subsequent Event [Line Items]
Common stock shares issued	2,100,000
BW Ultimate Parent, LLC and Subsidiaries \| Subsequent Event \| Over-Allotment Option
Subsequent Event [Line Items]
Consideration received on transaction	$ 301,070
BW Ultimate Parent, LLC and Subsidiaries \| Subsequent Event \| BW Ultimate Parent, LLC
Subsequent Event [Line Items]
Number of shares acquired	16,100,000
BW Ultimate Parent, LLC and Subsidiaries \| Subsequent Event \| Class A common stock \| IPO
Subsequent Event [Line Items]
Common stock shares issued		14,000,000
Issue price per share		$ 20
BW Ultimate Parent, LLC and Subsidiaries \| Subsequent Event \| Class A common stock \| Over-Allotment Option
Subsequent Event [Line Items]
Common stock shares issued	2,100,000

Related-Party Transactions (Details) - USD ($)	3 Months Ended
Related-Party Transactions (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Operating Expenses	$ 47,546	$ 282
BW Ultimate Parent, LLC and Subsidiaries
Related Party Transaction [Line Items]
Operating Expenses	641,186,000	590,118,000
BW Ultimate Parent, LLC and Subsidiaries \| Affiliate of the members
Related Party Transaction [Line Items]
Office rent	71,000	70,000
Operating Expenses	12,000	$ 11,000
Outstanding payables for rent and accruals	$ 58,000		$ 46,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

3.	Income Taxes

A reconciliation of the U.S. statutory rate to the effective tax rate is as follows:


		2026					2025
Three Months ended March 31,		Amount			Rate		Amount		Rate
U.S. federal statutory rate		$	(9,985)		(21.0)	%	$	(59)	(21.0)	%
Changes in valuation allowances			9,985		21.0	%		59	21.0	%
Effective tax		$	—		—	%	$	—	—	%

Deferred income tax assets consisted of:


		March 31, 2026			December 31, 2025
Capitalized start-up costs		$	43,138		$	16,527
Total deferred tax assets before valuation allowance			43,138			16,527
Valuation allowance			(43,138)			(16,527)
Net deferred tax asset		$	—		$	—

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations and should be read in conjunction with the Company’s latest audited annual financial statements.

In the opinion of the Company, the accompanying unaudited financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2026, and December 31, 2025, and its results of operations for the three months ended March 31, 2026, and March 31, 2025, and cash flows for the three months ended March 31, 2026, and March 31, 2025.

Based on the Company’s expense sharing arrangement with Ultimate Parent (see Note 6), the funds provided under that arrangement will be sufficient to fund anticipated operating expenses for at least twelve months from the date on which the financial statements were available for issuance.

Cash

All cash was cash on hand and is carried in the financial statements at amounts which approximates its fair value.

Net Loss per Share

Basic net loss per common share is calculated by dividing net loss applicable to common stockholder by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is calculated by increasing the denominator by the weighted-average number of additional shares that could have been outstanding from securities convertible into common stock, such as stock options, unless their effect on net loss per share is antidilutive.

Income Taxes

The Company is treated as a subchapter C corporation and, therefore, is subject to both federal and state income taxes. Ultimate Parent continues to be recognized as a limited liability company, a pass-through entity for income tax purposes.

The Company has had no income tax expense due to operating losses incurred since inception. ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more-likely-than-not that some portion or all the deferred tax assets will not be realized. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on this, the Company has provided a valuation allowance for the full amount of the net deferred tax assets as the realization of the deferred tax assets is not determined to be more likely than not.

The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes, which specifies how tax benefits for uncertain tax positions are to be recognized, measured, and recorded in financial statements; requires certain disclosures of uncertain tax matters; specifies how reserves for uncertain tax positions should be classified on the balance sheet; and provides transition and interim period guidance, among other provisions. As of March 31, 2026, and December 31, 2025, the Company has not recorded tax reserves associated with any unrecognized tax benefits. The Company’s policy is to recognize interest and penalties accrued on any uncertain tax positions as a component of income tax expense, if any, in its statements of income. As of March 31, 2026, and December 31, 2025, the Company had no reserves for uncertain tax positions.

The Company’s federal income tax returns for the years ended December 31, 2022, to December 31, 2025, remain open and are subject to examination by the Internal Revenue Service and state taxing authorities.

Accounting Pronouncements Adopted During the Current Year

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. The standard relates to estimating credit losses under CECL for current accounts receivable and current contract assets arising from revenue transactions accounted for under ASC 606, Revenue from Contracts with Customers, including those acquired in a transaction accounted for under ASC 805, Business Combinations. The standard does not apply to other types of accounts receivable and loans. The standard provides a practical expedient to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period for eligible assets. Entities will still be required to adjust historical data used in the estimation to reflect current conditions. If elected, the practical expedient must be applied consistently to all eligible current accounts receivable and current contract assets. The Company adopted this standard on January 1, 2026, on a prospective basis. There was no impact on the Company’s financial statements or footnote disclosures as a result of adopting the practical expedient.

Recently Issued Accounting Pronouncements - Not yet Adopted

In December 2025, the FASB issued ASU 2025-11, Interim Reporting. The standard clarifies interim disclosure requirements and requires entities to disclose events since the end of the last annual reporting period that have had a material impact on the entity. The new guidance will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and is to be adopted on a prospective basis. Early adoption is permitted and may be applied either prospectively or retrospectively. The Company is currently evaluating ASU 2025-11 to determine its impact on financial and footnote disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general, and administrative, and research and development). The amendments will require public entities or private companies that are in the process of going public to disclose specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The new standard is effective for the Company’s annual periods beginning January 1, 2027, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this standard to determine its impact on the financial statements and footnote disclosures.

Leases - Weighted-average remaining lease terms and discount rates (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Operating cash outflows for finance leases	$ 30		$ 30
Operating cash outflows for operating leases	7,387		5,455
Financing cash outflows for finance leases	$ 17	$ 16	$ 16
Weighted-average remaining lease-term - finance lease	17 years 1 month 6 days		18 years
Weighted-average remaining lease-term - operating lease	18 years		18 years 7 months 6 days
Weighted-average discount rate - finance lease	5.49%		5.48%
Weighted-average discount rate - operating lease	7.66%		7.62%

Summary of Significant Accounting Policies - Other Current Assets (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Line Items]
BTS Arrangements - construction in progress	$ 15,501	$ 10,352
Other	2,999	2,883
Other current assets	$ 18,500	$ 13,235

Summary of Significant Accounting Policies - Concentration of Suppliers (Details) - BW Ultimate Parent, LLC and Subsidiaries - Supplier Concentration Risk - Product Benchmark - Major Suppliers	3 Months Ended
	Mar. 31, 2026 company store	Mar. 31, 2025 store
Fuel
Accounting Policies [Line Items]
Number of major suppliers \| company	2
Concentration risk percentage	85.00%	89.00%
Merchandise
Accounting Policies [Line Items]
Number of major suppliers \| store	3	3
Concentration risk percentage	56.00%	56.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Debt -Scheduled principal payments (Details) - BW Ultimate Parent, LLC and Subsidiaries $ in Thousands	Mar. 31, 2026 USD ($)
Principal payment of debt
2026 (remaining period)	$ 3,075
2027	4,100
2028	423,350
Total	$ 430,525

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Summary of Significant Accounting Policies - Asset Retirement Obligations (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Roll forward of the asset retirement obligations
Balance at beginning of period	$ 10,096	$ 10,854
Asset retirement obligations capitalized in fixed assets	160	635
Liabilities settled	0	(141)
Revisions in estimated cash flows	0	(178)
Liabilities incurred	16	348
Liabilities classified as held for sale	0	(1,422)
Balance at end of period	$ 10,272	$ 10,096

Subsequent Events - Final Payment (Details) $ in Millions	Apr. 23, 2026 USD ($)
BW Ultimate Parent, LLC and Subsidiaries \| Subsequent Event
Subsequent Event [Line Items]
Final payments to continuing equity shareholders	$ 18.4

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting Information [Line Items]

Segment Information

7.	Segment Information

The Chief Operating Decision Maker (CODM) is the Chairman and Chief Executive Officer. The CODM reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM evaluates performance using net income or loss, as reported in the Company’s accompanying statements of operations to manage the business. The CODM also reviews significant expenses, which are consistent with those reported on the statements of operations. The measure of segment assets is reported on the balance sheets as total assets.

BW Ultimate Parent, LLC and Subsidiaries

Segment Reporting Information [Line Items]

Segment Information

12.	Segment reporting

The following table provides the information about the Company’s revenue, significant segment expenses, and other segment items:

The following table provides the operating financial results for the segment:


Three months ended March 31,		2026		2025
Revenue
Fuel sales		$	464,305	$	400,177
Inside merchandise sales			213,677		195,104
Other revenues			5,648		5,037
Total revenues			683,630		600,318
Less:
Cost of fuel sales			392,696		351,980
Cost of merchandise sales			136,519		128,472
Salaries and employee benefits			49,712		49,096
Payment fees			12,550		10,735
Repairs and maintenance			4,659		4,899
Facility expense			11,433		8,811
Other selling, general, and administrative expenses^(a)			17,715		21,353
Depreciation, amortization, and accretion			15,988		15,517
(Gain) loss on disposal of assets			(86)		(745)
Interest expense, net			12,208		14,534
Other segment items^(b)			—		1,300
Consolidated net income (loss)		$	30,236	$	(5,634)

(a)	^{Other selling, general, and administrative expenses primarily includes: utilities, insurance, supplies, and other operating expenses.}

(b)	^{Other segment items include change in fair value of derivative liability and income tax expense.}

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

8.	Subsequent Events

Transactions

The Company and Ultimate Parent completed a series of transactions (“Transactions”), including the following:

●

The Company’s certificate of incorporation was amended and restated to, among other things, (i) create a class of common stock designated as Class A common stock with voting and economic rights, (ii) reclassify the existing shares of common stock into shares of Class A common stock, and (iii) create a class of common stock designated as Class B common stock, with voting rights but no economic rights.

●

The Company acquired the Blocker Companies (the “Blocker Mergers”) and issued to the Blocker Shareholders 15,085,561 shares of Class A common stock of the Company, and the Blocker Companies merged with and into Yesway, Inc.’s wholly owned merger subsidiaries, with Yesway, Inc.’s merger subsidiaries surviving;

●

The Company issued 32,009,185 shares of Class B common stock to the continuing equity owners of Ultimate Parent (the “Continuing Equity Owners”), which is equal to the number of LLC Interests held directly or indirectly by such Continuing Equity Owners immediately prior to the IPO; and

●

The Ultimate Parent limited liability agreement was amended and restated to, among other things, (i) recapitalize all existing ownership interests in the Ultimate Parent into a single class of common units (“LLC Interests”), (ii) exchange all of the then existing membership interests of the holders of Ultimate Parent into LLC Interests, and (iii) appoint the Company as the sole managing member of Ultimate Parent upon its acquisition of LLC Interests.

IPO

On April 23, 2026, the Company completed an initial public offering by issuing 14,000,000 shares of Class A common stock (as defined below) at a price to the public of $20.00 per share. On April 27, 2026, the Company completed the sale of 2,100,000 shares of Class A common stock following the underwriters’ exercise in full of their overallotment option. From the IPO, including the exercise of the underwriters’ overallotment option, the Company received $301,070,000 in proceeds, net of underwriting discounts and commissions, which was used to purchase an aggregate of 16,100,000 LLC Interests of Ultimate Parent and Ultimate Parent utilized $251,523,545 of the net proceeds it received from the sale of LLC Interests to the Company to fully redeem the Redeemable Senior Preferred Membership Interests and additionally made a payment of $20,000,000 on its Revolving Credit Facility.

Amended and Restated Certificate of Incorporation

The Company’s Amended and Restated Certificate of Incorporation (which was filed with the Secretary of State of the State of Delaware on April 21, 2026) provides for among other things, the (i) authorization of 500,000,000 shares of Class A common stock, with a par value of $0.0001 per share (“Class A common stock”); (ii) authorization of 150,000,000 shares of Class B common stock, with a par value of $0.0001 per share (“Class B common stock”); (iii) authorization of 10,000,000 shares of preferred stock, with a par value of $0.0001 per share (“Preferred Stock”) that may be issued from time to time by the Company’s Board of Directors in one or more series; and (iv) establishment of a classified board of directors, divided into three classes, each of whose members will serve for staggered terms.

Holders of Class A common stock and Class B common stock are entitled to one vote per share and, except as otherwise required, will vote together as a single class on all matters which stockholders generally are entitled to vote. Holders of Class B common stock are not entitled to receive dividends and will not be entitled to receive any distributions in excess of par value upon the liquidation, dissolution, or winding up of the Company. Shares of Class B common stock may only be issued to the extent necessary to maintain the one-to-one ratio between the number of LLC Interests held by existing LLC Interest owners and their permitted transferees and the number of shares of Class B common stock held by existing LLC Interest owners and their permitted transferees. Shares of Class B common stock will be canceled on a one-for-one basis if an existing LLC Interest owner elects to redeem their LLC Interests in exchange for, at the Company’s election, newly issued shares of Class A common stock or cash.

The Company must, at all times, maintain a one-to-one ratio between the number of shares of Class A common stock issued by the Company and the number of LLC Interests owned by the Company (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities).

Tax Receivable Agreement

In connection with the IPO, Yesway, Inc. entered into a Tax Receivable Agreement (the “TRA”) with the Ultimate Parent, the Continuing Equity Owners and the Blocker Shareholders (together with the Continuing Equity Owners, the “TRA Participants”), pursuant to which Yesway, Inc. is obligated to pay the TRA Participants 85% of certain tax benefits, if any, in U.S. federal, state, and local income tax that Yesway, Inc. realizes (or, in some circumstances, is deemed to realize) as a result of (1) Yesway, Inc.’s allocable share of the existing tax basis of Ultimate Parent’s assets, which tax basis was attributable to the LLC Interests acquired in connection with the IPO and Blocker Mergers; (2) increases in Yesway, Inc.’s allocable share of the tax basis of Ultimate Parent’s assets resulting from (a) future redemptions or exchanges of LLC Interests for Class A common stock or cash and (b) certain distributions (or deemed distributions) by Ultimate Parent; (3) Yesway, Inc.’s allocable share of the existing tax basis of Ultimate Parent’s assets at the time of any redemption or exchange of LLC Interests, which tax basis is attributable to the LLC Interests being redeemed or exchanged and acquired by Yesway, Inc.; (4) certain tax attributes of the Blocker Companies acquired by Yesway, Inc. in the Blocker Mergers; and (5) certain additional tax benefits arising from payments made under the Tax Receivable Agreement.

2026 Equity Incentive Plan

In connection with the IPO, Yesway, Inc. adopted the 2026 Incentive Award Plan (the “2026 Plan”). The 2026 Plan provides for the issuance of up to 7,331,369 shares of Class A common stock for equity-based awards, as adjusted in accordance with the terms of the plan, and includes an annual increase on January 1 of each calender year beginning January 1, 2027, and ending on and including January 1, 2036, equal to the lesser of (i) 4% of the aggregate number of shares of Class A common stock and Class B common stock outstanding (on an as-converted basis) on the final day of the immediately preceding calendar year and (ii) such smaller number of Shares as determined by the board of directors.

The 2026 Plan permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards to eligible employees, officers, non-employee directors and other service providers of Yesway, Inc. and its subsidiaries. The 2026 Plan is administered by the Yesway, Inc.’s board of directors or a committee thereof and provides for customary limitations, including an annual compensation limit applicable to non-employee directors.

The Company granted 3,628,000 time-based and market-based restricted stock units (“RSUs”) to certain of its directors and officers at the IPO grant date fair value of $20.00 per share with an aggregate fair value of $72,560,000 vesting over one to three years.

Registration Rights Agreement

In connection with the IPO, the Company entered into a Registration Rights Agreement (“RRA”) with certain of the Continuing Equity Owners, including the Brookwood Holders. The RRA provides that the Company will, upon request by the Brookwood Holders following the Company's eligibility to file on Form S-3, use its reasonable best efforts to file a shelf registration statement on Form S-3 and cause it to become effective. The RRA also provides the Brookwood Holders the right to initiate demand registrations (subject to a $50.0 million minimum anticipated net aggregate offering price) and underwritten shelf take-downs (subject to the same minimum for marketed offerings and a $15.0 million minimum for non-marketed offerings). In addition, the RRA provides for customary “piggyback” registration rights.

Stockholders Agreement

In connection with the IPO, the Company entered into a Stockholders Agreement (“Stockholders Agreement”) with the Brookwood Parties (as defined in the Stockholders Agreement). Pursuant to the Stockholders Agreement, the Brookwood Parties are entitled to nominate a specified number of up to four directors to the Company’s Board of Directors, so long as the Brookwood Parties beneficially own shares of voting stock representing, in the aggregate, a certain percentage of our then outstanding stock. The Stockholders Agreement also provides that, until the Brookwood Parties no longer beneficially own shares of voting stock representing, in the aggregate, at least 20% of the voting power of our then-outstanding voting stock, certain significant corporate actions taken by the Company or its subsidiaries will require the prior written consent of the Brookwood Parties.

The Brookwood Parties directly and indirectly owns 72.6% of the economic and voting interests in Ultimate Parent. Accordingly, the Company will consolidate the financial results of Ultimate Parent and report a non-controlling interest in the Company’s consolidated financial statements related to the interest held by the existing Ultimate Parent owners.

Subsequent Events - IPO (Details) - USD ($)	Apr. 23, 2026	Apr. 23, 2021
Subsequent Event [Line Items]
Common stock shares issued		100
Subsequent Event \| BW Ultimate Parent, LLC
Subsequent Event [Line Items]
Payment to liquidate Redeemable Senior Preferred Membership Interests	$ 251,523,545
Payment of revolving credit facility	20,000,000
Subsequent Event \| IPO including over allotment
Subsequent Event [Line Items]
Consideration received on transaction	$ 301,070,000
Subsequent Event \| BW Ultimate Parent, LLC
Subsequent Event [Line Items]
Number of shares acquired	16,100,000
Subsequent Event \| Class A common stock \| IPO
Subsequent Event [Line Items]
Common stock shares issued	14,000,000
Issue price per share	$ 20

Subsequent Events - Stockholders Agreement (Details) - Subsequent Event	Apr. 23, 2026 director
Subsequent Event [Line Items]
Specified number of directors	4
BW Ultimate Parent, LLC
Subsequent Event [Line Items]
Percentage of written consent rights	20.00%
Ownership interest	72.60%

Financing Obligations, net

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Sale Leaseback Transaction [Line Items]

Financing Obligations, net

7.	Financing obligations, net

2019 Sale-leaseback transactions

In connection with a sale in 2019 of 76 retail gasoline stations and convenience stores, the Company entered into sale and leaseback transactions with two different buyer-lessors. The leases provide for the lease of land, buildings, structures, and other improvements on the land, exclusive of storage tanks and fuel equipment. The leases have a twenty-year base term with four successive options to renew the leases for a five-year period on the same terms, covenants, conditions, and rental as the primary non-revocable lease term. The leases have a triple-net structure, which requires the Company to pay substantially all costs associated with the Company’s properties that are subject to the leases, including real estate taxes, insurance, utilities, maintenance, and operating costs.

The sale did not meet the criteria for sale accounting as the leases would be classified as finance leases. As a result of not meeting the criteria for sale accounting for these sites, the sale-leaseback transactions are accounted for as a failed sale-leaseback financing obligation. As such, the property and equipment sold and leased back by the Company has not been derecognized and continues to be depreciated. When cash proceeds are exchanged, a failed sale-leaseback financing obligation is equal to the proceeds received for the assets that are sold and then leased back. Accordingly, the Company recognized a financing obligation of $236,894 based on proceeds from the sale. The value of the failed sale-leaseback financing obligations recognized in these transactions was determined to be the fair value of the leased real estate assets.

As the Company’s incremental borrowing rate at the time resulted in an ending financing obligation that was greater than the expected economic value of the leased property, the Company adjusted the interest rate to the effective yield of 6.2%, that, when applied to the minimum lease payments, produces a present value equal to the price. This will produce no gain or loss at the end of the lease term.

The rental payments under the lease are allocated between interest expense and principal repayment of the financing obligation using the effective interest method and amortized over the lease term. The failed sale-leaseback obligations will not be reduced to less than the net book value of the leased assets as of the end of the lease term.

In lieu of recognizing lease expenses for the lease rental payments, the Company incurs interest expense associated with the financing obligation. Interest expense of $3,857 and $3,831 was recorded for the three months ended March 31, 2026, and March 31, 2025, respectively. The financing obligation will amortize through expiration of the leases based upon the lease rental payments which were $496 and $467 for the three months ended March 31, 2026, and March 31, 2025, respectively. The rent payable under the lease agreements escalates at the lesser of either 1.5% or 1.5x of the increase in the Consumer Price Index (“CPI”). The estimated future payments in the table below include payments and adjustments to reflect estimated payments as described in the lease agreements. As the annual increases are considered contingent on what the change in CPI will be, the estimated future payments in the table below are not adjusted for minimum annual increases. Contingent payments and payments on account of CPI increases are recorded as interest expense as incurred. The Company incurred $1,276 in financing costs associated with these transactions which were capitalized and are being amortized over the life of the lease.

The components of the financing obligations associated with 2019 sale-leaseback transaction are summarized as follows:


		March 31, 2026		December 31, 2025
Net principal payments under financing obligations		$	225,275	$	225,771
Less: current maturities of financing obligations			(2,065)		(2,034)
Less: debt discount and debt issuance costs, net of accumulated amortization of $406 and $390 as of March 31, 2026, and December 31, 2025, respectively			(870)		(886)
Long-term Financing Obligation, net of amounts representing current maturities, debt discount, and debt issuance costs		$	222,340	$	222,851

Future minimum payments related to the financing obligations are summarized below:


Years ending		Amount
2026 (remaining period)		$	12,832
2027			17,110
2028			17,110
2029			17,110
2030			17,110
Thereafter			503,415
Total			584,687
Less: imputed interest			(359,412)
Total		$	225,275

Build-to-suit sale-leaseback arrangements (“BTS Arrangements”)

During the three months ended March 31, 2026, and year ended December 31, 2025, the Company entered into BTS Arrangements with buyer-lessors. These transactions resulted in the Company remaining the accounting owner of the land until lease commencement as sale treatment cannot be determined until lease commencement, which is generally upon construction completion and store opening. Accordingly, the proceeds received from the sale of land are recorded as financing obligations until the lease commences and sale treatment can be evaluated.

Classification of the leases as operating leases upon lease commencement permitted sale recognition, allowing the Company to derecognize the associated obligations. The Company recorded a gain on disposal of land under BTS Arrangements of $96 and a loss of $2 for the three months ended March 31, 2026, and March 31, 2025, respectively.

The components of financing obligation associated with BTS Arrangements are summarized as of March 31, 2026, and December 31, 2025, as follows:


		March 31, 2026		December 31, 2025
Beginning, financing obligation under BTS Arrangements		$	—	$	12,809
Add: Additional proceeds from BTS Arrangements, net of debt issuance costs			2,489		4,970
Less: Deferred closing costs			(26)		(231)
Less: Land considered sold upon commencement			(1,801)		(17,548)
Ending, financing obligation under BTS Arrangements		$	662	$	—

Condensed Consolidated Statements of Changes in Redeemable Senior Preferred Membership Interests and Members' Equity - USD ($)	BW Ultimate Parent, LLC and Subsidiaries Members' Capital	BW Ultimate Parent, LLC and Subsidiaries Non-controlling Interest	BW Ultimate Parent, LLC and Subsidiaries	Total
Balance as of beginning (in shares) at Dec. 31, 2024			150,000
Balance as of beginning at Dec. 31, 2024			$ 203,839,000
Redeemable Senior Preferred Membership Interests
Accretion			8,394,000
Balance as of end at Mar. 31, 2025			$ 212,233,000
Balance as of end (in shares) at Mar. 31, 2025			150,000
Balance as of beginning at Dec. 31, 2024	$ 573,654,000	$ 1,076,000	$ 574,730,000
Members' Equity
Distributions	(2,367,000)	(26,000)	(2,393,000)
Accretion	(8,394,000)		(8,394,000)
Net income (loss)	(5,634,000)		(5,634,000)	$ (282)
Balance as of end at Mar. 31, 2025	557,259,000	1,050,000	$ 558,309,000
Balance as of beginning (in shares) at Dec. 31, 2025			150,000
Balance as of beginning at Dec. 31, 2025			$ 239,628,000
Redeemable Senior Preferred Membership Interests
Distributions			(743,000)
Accretion			10,402,000
Balance as of end at Mar. 31, 2026			$ 249,287,000
Balance as of end (in shares) at Mar. 31, 2026			150,000
Balance as of beginning at Dec. 31, 2025	582,070,000	1,099,000	$ 583,169,000
Members' Equity
Distributions	(5,115,000)		(5,115,000)
Accretion	(10,402,000)		(10,402,000)
Net income (loss)	30,236,000		30,236,000	$ (47,546)
Balance as of end at Mar. 31, 2026	$ 596,789,000	$ 1,099,000	$ 597,888,000

Property and Equipment

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Property, Plant and Equipment [Line Items]

Property and Equipment

4.	Property and Equipment

During the three months ended March 31, 2026, and March 31, 2025, the Company disposed of certain assets upon store closures for total proceeds of $0 and $916, respectively, resulting in a loss of $10 and gain of $550, respectively.

Property and equipment consist of the following:


		March 31, 2026		December 31, 2025
Land		$	186,371	$	182,433
Buildings and improvements			539,872		535,982
Equipment			221,340		216,717
Tanks			160,078		158,833
Construction in process			11,426		17,530
			1,119,087		1,111,495
Less: accumulated depreciation and amortization			(258,736)		(242,936)
Property and equipment, net		$	860,351	$	868,559

Depreciation and amortization expense was $15,799 and $15,377 for the three months ended March 31, 2026, and March 31, 2025, respectively.

Description of Business

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Description of Business [Line Items]

Description of Business

1.	Description of Business

BW Ultimate Parent, LLC and its subsidiaries (the “Company”) operates 449 convenience stores in nine states. The Company’s convenience stores offer a broad selection of merchandise, fuel, and other products and services designed to appeal to the convenience needs of the Company’s customers. Since inception, the Company has grown through acquisition and construction of new stores. The Company has funded its operations, acquisitions, and construction costs primarily with proceeds from funds raised by the Company and its members, the issuance of redeemable senior preferred membership interests, financing from build-to-suit landlords, as well as credit facilities from its banks. The Company believes that its existing cash and cash equivalents, availability under its revolving line of credit, and cash flow from operations will be sufficient to fund its operations for at least one year from the issuance date of these accompanying unaudited Condensed Consolidated Financial Statements. The accompanying unaudited condensed financial statements and notes are as of March 31, 2026, and do not reflect the reorganization of the Company which occurred pursuant to the IPO as described in Note 14 – Subsequent Events.

Subsequent Events - Redeemable Senior Preferred Membership Interests And Revolving Credit Facility (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands		3 Months Ended
	Apr. 23, 2026	Mar. 31, 2026	Mar. 31, 2025
Subsequent Event [Line Items]
Payment of Revolver		$ 10,000	$ 0
Subsequent Event \| Revolving credit facility
Subsequent Event [Line Items]
Payment to liquidate Redeemable Senior Preferred Membership Interests	$ 251,524
Payment of Revolver	$ 20,000

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Cash Flows from Operating Activities:
Net income (loss)	$ (47,546)	$ (282)
Changes in operating assets and liabilities, net
Net Cash Used in Operating Activities	(47,546)	(282)
Cash Flows from Financing Activities:
Net Cash Provided by Financing Activities	47,546	282
Cash at Beginning of Year	1	1	$ 1
Cash at End of Year	1	1	1
BW Ultimate Parent, LLC and Subsidiaries
Cash Flows from Operating Activities:
Net income (loss)	30,236,000	(5,634,000)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion expense	15,988,000	15,517,000
Amortization of right-of-use assets	2,822,000	1,952,000
Amortization of deferred financing cost	1,101,000	1,049,000
Allowance for credit losses	9,000	4,000
Gain on disposal of assets	(86,000)	(745,000)
Change in fair value of derivative liability	0	1,300,000
Changes in operating assets and liabilities, net
Accounts receivables	(7,684,000)	(2,134,000)
Inventories	(5,111,000)	3,410,000
Prepaid expenses	975,000	(940,000)
Other current assets - BTS	(5,149,000)	5,110,000
Other current assets - Other	(116,000)	(9,000)
Other assets	(1,807,000)	0
Account payable - Fuel	27,716,000	(2,953,000)
Account payable - Other	(2,277,000)	(240,000)
Accrued expenses and other current liabilities	(6,444,000)	(1,547,000)
Lease liabilities	(1,337,000)	(1,043,000)
Other noncurrent liabilities	(483,000)	474,000
Net Cash Used in Operating Activities	48,353,000	13,571,000
Cash Flows from Investing Activities:
Purchase of property and equipment	(10,967,000)	(26,329,000)
Acquisition of intangible assets	0	(715,000)
Proceeds from sale of assets	0	916,000
Other investing activities	(2,525,000)	(47,000)
Net cash used in investing activities	(13,492,000)	(26,175,000)
Cash Flows from Financing Activities:
Proceeds from revolver	0	15,000,000
Repayment of revolver	(10,000,000)	0
Repayment of borrowings from term loan	(1,025,000)	(1,025,000)
Cash paid for debt issuance costs	(100,000)	0
Proceeds from financing obligation	2,489,000	0
Repayment of financing obligation with lessors	(470,000)	(468,000)
Repayment of financing leases	(17,000)	(16,000)	(16,000)
Distributions to redeemable senior preferred membership interests	(743,000)	0
Distributions to members	(5,115,000)	(2,393,000)
Net Cash Provided by Financing Activities	(14,981,000)	11,098,000
Increase (decrease) in cash and cash equivalents	19,880,000	(1,506,000)
Cash at Beginning of Year	36,592,000	32,720,000	32,720,000
Cash at End of Year	56,472,000	31,214,000	$ 36,592,000
Cash paid for:
Interest, net of amounts capitalized	11,807,000	13,393,000
Income taxes	0	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Fixed asset purchases in Accounts payable - Other	4,108,000	8,089,000
Fixed asset purchases in Accrued expenses and other current liabilities	1,144,000	2,854,000
Right-of-use assets acquired by assumption of operating leases	9,024,000	28,813,000
Remeasurement of lease liabilities and Right-of-use assets	0	212,000
Asset retirement obligations capitalized in fixed assets	16,000	131,000
Accretion of Redeemable senior preferred membership interests	$ 10,402,000	$ 8,394,000

Assets and Liabilities Held for Sale (Details) - BW Ultimate Parent, LLC and Subsidiaries $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) store	Mar. 31, 2025 USD ($) store
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of stores operated by the company	449
Iowa and Kansas convenience stores \| Iowa and Kansas \| Held for sale not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of stores operated by the company		29
Impairment charges \| $	$ 0	$ 0

Stockholder's Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Stockholder's Equity

4.	Stockholder’s Equity

As of March 31, 2026, the authorized capital stock included 100 shares of common stock, $0.01 par value. On April 23, 2021, the Company issued 100 shares of common stock for one dollar, all of which were acquired by an affiliate.

- Definition

The entire disclosure for equity.

+ References

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts receivable, allowance for credit losses	$ 138	$ 147
Redeemable senior preferred membership interests, shares authorized	150,000	150,000
Redeemable senior preferred membership interests, shares outstanding	150,000	150,000
Redeemable senior preferred membership interests, redemption value	$ 249,287	$ 239,628
Redeemable senior preferred membership interests, liquidation preference amount	$ 249,287	$ 239,628

- Definition

Aggregate amount of redemption requirements for each class or type of redeemable stock classified as temporary equity for each of the five years following the latest balance sheet date. The redemption requirement does not constitute an unconditional obligation that will be settled in a variable number of shares constituting a monetary value predominantly indexed to (a) a fixed monetary amount known at inception, (b) an amount inversely correlated with the residual value of the entity, or (c) an amount determined by reference to something other than the fair value of issuer's stock. Does not include mandatorily redeemable stock. The exception is if redemption is required upon liquidation or termination of the reporting entity.

+ References + Details

Leases

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Lessee, Lease, Description [Line Items]

Leases

During the period ended March 31, 2026, and March 31, 2025, the Company entered into lease and disbursement agreements (the “BTS Arrangements”) with certain landlords. Under the BTS Arrangements, the Company identifies suitable parcels of land for convenience stores and such sites may be (i) initially owned by the Company and sold to the landlord, (ii) under a binding purchase and sale agreement which is then assigned to the landlord, or (iii) acquired by the landlord directly from a third-party. The Company prepares development, and construction plans which are approved by the landlord. The Company then engages and supervises third-party contractors to complete the construction of the stores which the landlord funds and legally owns. In some cases, the Company may begin construction prior to legal sale to landlord.

The landlords are expected to fund the majority of the overall construction costs and related improvements. Each individual lease commences upon the substantial completion of each store, and the rent commencement date is expected to occur simultaneously. The initial term of each lease is approximately 20 years with a Company option to extend for two additional four-year terms. The Company assessed the renewal options and has included periods in the lease term for which renewal is reasonably certain to be exercised. The Company pays base rent to the landlord in an amount determined based on the total costs funded by landlord and the base rent payments increase 2.0% annually. The Company has a right of first offer to purchase properties at a price determined by the landlord. The Company cannot exercise its right of first refusal without action first taken by the landlord. Thus, the Company does not control the asset, and the right of first refusal is not a repurchase option under ASC 606. During the term, the Company will also pay all operating expenses, taxes, and any other expenses payable under each lease.

During the three months ended March 31, 2026, the Company finished construction at one store under the BTS Arrangements, and the respective lease commenced and is included as components of the Company’s initial operating lease liabilities in the amount of $8,218, and initial Right-of-use assets in the amount of $8,333 in the accompanying unaudited Condensed Consolidated Balance Sheets. In addition, the Company had one in-process construction project under the BTS Arrangements, which is expected to be completed by the end of the second quarter of 2026.

Lease costs consist of the following:

The components of lease expenses, including base rent, variable lease costs primarily consisting of rent based on a percentage of sales and common area maintenance are included in the accompanying unaudited Condensed Consolidated Statements of Income as follows:


Three months ended March 31,		2026		2025
Finance lease cost:
Amortization of right-of-use assets		$	29	$	29
Interest on lease liabilities			30		30
Operating lease cost			8,753		6,355
Variable lease cost			22		21
Short-term lease cost			8		5
Total lease costs, net		$	8,842	$	6,440

Weighted-average remaining lease terms and weighted-average discount rates for outstanding leases were as follows:


Three months ended March 31,	2026		2025
Operating cash outflows for finance leases	30		30
Operating cash outflows for operating leases	7,387		5,455
Financing cash outflows for finance leases	17		16
Weighted-average remaining lease-term - finance lease	17.1	years	18.0	years
Weighted-average remaining lease-term - operating lease	18.0	years	18.6	years
Weighted-average discount rate - finance lease	5.49	%	5.48	%
Weighted-average discount rate - operating lease	7.66	%	7.62	%

Future minimum payments under the finance leases and operating leases with initial or remaining terms of one year or more consist of the following as of March 31, 2026:


Years ending		Finance leases			Operating leases
2026 (remaining period)		$	140		$	22,626
2027			188			30,645
2028			189			30,640
2029			189			30,929
2030			198			31,493
Thereafter			2,591			483,067
Total minimum lease payments			3,495			629,400
Less: amount representing interest			(1,264)			(300,864)
Present value of net minimum lease payments		$	2,231		$	328,536

Related-Party Transactions

3 Months Ended

Mar. 31, 2026

Related-party transactions

6.	Related Party Transactions

The Company has entered into an expense sharing agreement with Ultimate Parent whereby Ultimate Parent has agreed to pay for general and administrative expenses of the Company. During the three months ended March 31, 2026, and March 31, 2025, Ultimate Parent incurred the Company’s audit, tax compliance expenses, and bank fees in the aggregate amount of $47,546 and $282, respectively. The Company recorded general and administrative expenses in the accompanying statements of operations and additional paid in capital in the accompanying statements of stockholder’s equity for these constructive cash receipts and capital contributions.

As of March 31, 2026, the Company’s sole stockholder served as a manager of Ultimate Parent’s Board of Managers.

BW Ultimate Parent, LLC and Subsidiaries

Related-party transactions

10.	Related-party transactions

The Company reimburses an affiliate of the Members for various costs incurred on behalf of the Company, as described below.

The Company was charged $71 and $70 during the three months ended March 31, 2026, and March 31, 2025, respectively, by an affiliate of the Members for a portion of rent for shared office space, which is included in Selling, general, and administrative expenses in the accompanying unaudited Condensed Consolidated Statements of Income.

The Company was charged $12 and $11 during the three months ended March 31, 2026, and March 31, 2025, respectively, by an affiliate of the Members for certain operating expenses incurred on behalf of the Company, which is included in Selling, general, and administrative expenses in the accompanying unaudited Condensed Consolidated Statements of Income.

The Company has an outstanding payable amount of $58 and $46 as of March 31, 2026, and December 31, 2025, respectively for rent and accruals.

All amounts Due to and Due from affiliates represent advances to and from the Company. Such amounts are non-interest bearing, due on demand.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Subsequent Events - Registration Rights Agreement (Details) - Subsequent Event $ in Millions	Apr. 23, 2026 USD ($)
Subsequent Event [Line Items]
Minimum anticipated net aggregate offering price	$ 50.0
Minimum non-marketed offerings	$ 15.0

Debt - Interest activity (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Interest incurred	$ 8,998	$ 10,606
Less: Amounts capitalized	(425)	0
Interest expense	$ 8,573	$ 10,606

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

Summary of Significant Accounting Policies - Inventories (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Line Items]
Inventories	$ 88,282	$ 83,171
Inventory reserve	950	950
Fuel
Accounting Policies [Line Items]
Inventories	26,612	21,097
Merchandise
Accounting Policies [Line Items]
Inventories	$ 61,670	$ 62,074

Summary of Significant Accounting Policies - Revenue Recognition by Major Source (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Line Items]
Total revenues	$ 683,630	$ 600,318
Fuel sales
Accounting Policies [Line Items]
Total revenues	464,305	400,177
Inside merchandise sales
Accounting Policies [Line Items]
Total revenues	213,677	195,104
Other revenues
Accounting Policies [Line Items]
Total revenues	$ 5,648	$ 5,037

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events - Transactions (Details) - Subsequent Event - BW Ultimate Parent, LLC	Apr. 23, 2026 shares
Class A common stock
Subsequent Event [Line Items]
Shares in exchange for interest	15,085,561
Class B common stock
Subsequent Event [Line Items]
Shares in exchange for interest	32,009,185

Financing Obligations, net - BTS Arrangements (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Sale Leaseback Transaction [Line Items]
Less: Amortization of debt issuance costs	$ (1,101)	$ (1,049)
BTS Arrangements
Sale Leaseback Transaction [Line Items]
Gain (loss) on disposal of land under BTS Arrangements	96	(2)
Beginning, financing obligation under BTS Arrangements	0	$ 12,809	$ 12,809
Add: Additional proceeds from BTS Arrangements, net of debt issuance costs	2,489		4,970
Less: Deferred closing costs	(26)		(231)
Less: Land considered sold upon commencement	(1,801)		(17,548)
Ending, financing obligation under BTS Arrangements	$ 662		$ 0

Assets and Liabilities Held for Sale

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assets and Liabilities Held for Sale

3.	Assets and Liabilities Held for Sale

In the first quarter of 2025, the Company committed to a plan to sell a disposal group that includes all of its 29 operating Iowa and Kansas convenience stores. The assets and related liabilities were classified as held for sale as of March 31, 2025. These assets and liabilities were not considered significant to the Company and did not represent a strategic shift. As of March 31, 2026, the disposal group continued to meet the criteria to be classified as held for sale under ASC 360, “Property, Plant, and Equipment”. We expect to sell these stores by the end of 2026.

Held-for-Sale Criteria and Impairment

The assets and liabilities of the disposal group are classified as held for sale in the unaudited Condensed Consolidated Balance Sheet as of March 31, 2026, and are measured at the lower of their carrying amount or fair value less costs to sell.

●

The Company has actively initiated a program to find a buyer and is marketing the property at a price reasonable in relation to its current fair value.

●

The sale is considered highly probable and is expected to be completed within one year. Management is committed to the plan, and it is unlikely that significant changes will be made or that the plan will be withdrawn.

●

Upon classification as held for sale, the Company ceased amortizing the long-lived assets.

The carrying amounts of the major classes of assets and liabilities included in the disposal group classified as held for sale are as follows:


		Carrying Amount			Carrying Amount
		as of			as of
Assets		March 31, 2026			December 31, 2025
Goodwill		$	1,460		$	1,460
Property and equipment, net			15,139			15,041
Total assets held for sale		$	16,599		$	16,501


	Carrying Amount		Carrying Amount
	as of		as of
Liabilities	March 31, 2026		December 31, 2025
Asset retirement obligations	$	1,422	$	1,422
Total liabilities held for sale	$	1,422	$	1,422

There was no impairment charge recorded for the three months ended March 31, 2026, and March 31, 2025, as the fair value exceeded carrying value.

Summary of Significant Accounting Policies - Property and Equipment (Details) - BW Ultimate Parent, LLC and Subsidiaries	Mar. 31, 2026
Buildings and improvements \| Minimum
Accounting Policies [Line Items]
Useful lives for assets	10 years
Buildings and improvements \| Maximum
Accounting Policies [Line Items]
Useful lives for assets	39 years
Equipment
Accounting Policies [Line Items]
Useful lives for assets	5 years
Tanks
Accounting Policies [Line Items]
Useful lives for assets	40 years
Leasehold improvements
Accounting Policies [Line Items]
Leasehold improvements, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Event [Line Items]

Subsequent Events

8.	Subsequent Events

Transactions

The Company and Ultimate Parent completed a series of transactions (“Transactions”), including the following:

●

IPO

Amended and Restated Certificate of Incorporation

Tax Receivable Agreement

2026 Equity Incentive Plan

Registration Rights Agreement

Stockholders Agreement

BW Ultimate Parent, LLC and Subsidiaries

Subsequent Event [Line Items]

Subsequent Events

14.	Subsequent events

Final Payment

The Company made the Final Payment of $18.4 million to the Continuing Equity Owners.

Transactions

The Company and Yesway, Inc. completed a series of transactions (the “Transactions”), including the following:

●

Yesway, Inc.’s certificate of incorporation was amended and restated to, among other things, (i) create a class of common stock designated as Class A common stock, with voting and economic rights, (ii) reclassify the existing shares of common stock into shares of Class A common stock, and (iii) create a class of common stock designated as Class B common stock, with voting rights but no economic rights;

●

The Company acquired the Blocker Companies and issued to the Blocker Shareholders 15,085,561 shares of Class A common stock of the Company, and the Blocker Companies merged with and into Yesway, Inc.’s wholly owned merger subsidiaries, with Yesway, Inc.’s merger subsidiaries surviving;

●

The Company issued 32,009,185 shares of Class B common stock to the Continuing Equity Owners, which is equal to the number of LLC held directly or indirectly by such Continuing Equity Owners immediately prior to the IPO; and

●

The Company’s limited liability agreement was amended and restated to, among other things, (i) recapitalize all existing ownership interests in the the Company into a single class of common units, (ii) exchange all of the then existing membership interests of the holders of the Company into LLC Interests, and (iii) appoint Yesway, Inc. as the sole managing member of the Company upon its acquisition of LLC Interests.

Immediately following the completion of the IPO and Transactions (and the use of proceeds therefrom), Yesway, Inc. owned 49.3% of the LLC Interests and the original LLC interest holders owned the remaining 50.7% of the LLC interests.

Initial Public Offering

On April 23, 2026, Yesway, Inc. completed an initial public offering (“IPO”) by issuing 14,000,000 shares of Class A common stock at a price to the public of $20.00 per share. On April 27, 2026, Yesway, Inc. completed the sale of 2,100,000 shares of Class A common stock following the underwriters’ exercise in full of their overallotment option. From the IPO and exercise of the underwriters’ allotment, Yesway, Inc. received $301,070 in proceeds, net of underwriting discounts and commissions, which was used to purchase 16,100,000 LLC Interests.

Redeemable Senior Preferred Membership Interests and Revolving Credit Facility

Ultimate Parent utilized $251,524 of the proceeds it received from the sale of LLC Interests to Yesway, Inc. to fully redeem the Redeemable Senior Preferred Membership Interests and made a payment of $20,000 on its Revolving Credit Facility.

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Income tax expense	$ 0
Reserve for uncertain tax positions	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Redeemable Senior Preferred Membership Interests and Equity

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Temporary Equity [Line Items]

Redeemable senior preferred membership interests and equity

8.	Redeemable senior preferred membership interests and equity

Capital contributions and allocations

The Company has three classes of membership interests: Redeemable Senior Preferred Members, Common Members, and Series P Members. Redeemable Senior Preferred Members and Common Members have accounts that reflect initial and subsequent contributions, allocations of net income or loss, and distributions.

●

Redeemable Senior Preferred Members – Hold a preferred equity interest and are entitled to an annual fixed preferred return as noted in detail below, paid before any distributions to Common Members. Redeemable Senior Preferred Members have no voting rights but hold liquidation preferences. During the year ended December 31, 2022, the Company sold 150,000 units of Redeemable Senior Preferred Membership Interests with a stated value of $150,000 for aggregate gross cash proceeds of $147,000.

●

Common Members – Hold standard equity interests with full voting rights and share in the remaining profits and losses after Redeemable Senior Preferred Members receive their fixed returns.

●

Series P Members – Hold no equity interest but are entitled to profit interest based on the Unit Incentive Plan. Series P Members have no voting rights. Series P Interests may not exceed 2.5% of the total member interests outstanding. During the year ended December 31, 2020, the Company awarded all 2.5% Series P Interests. Series P Interests are granted at no cost to Plan Participants and consist of time-based vesting conditions. The value of the Series P Interests issued to Plan Participants was not material.

Profit and loss allocations

Net income is allocated among the members in a manner so as to cause the capital account of each member, immediately after such allocation and after taking into account actual distributions made during the period, to equal as nearly as possible (proportionately) the excess of (a) the distributions that would be made to such member, if, at the time of allocation, the Company sold all of its assets for cash equal to their book values, repaid all of its creditors, and distributed the remaining proceeds to the members in accordance with the provisions of the operating agreement over (b) such member’s share of minimum gain and member nonrecourse debt minimum gain, as determined immediately prior to the hypothetical sale of assets. For purposes of making allocations, all Series P Interests shall be treated as fully vested.

Distributions

Distributions are made as follows.

●

First, Redeemable Senior Preferred Members receive their accrued but unpaid preferred return. The holders of Redeemable Senior Preferred Membership Interests shall be entitled to receive, prior and in preference to the declaration or payment of any distribution on any other currently-outstanding membership interest, distributions when, as and if declared by the Board of Managers, payable quarterly on March 31st, June 30th, September 30th, and December 31st of each calendar year (each date a “Distribution Payment Date”), commencing on and including March 31, 2023, which distribution shall be paid in cash at a rate equal to 9.75% plus Term SOFR per annum on the then-current Liquidation Preference Amount (as defined below), which shall increase by 1.50% per annum on the second through seventh anniversaries of the issuance date. If not paid in cash on the Distribution Payment Dates, the distributions shall cumulate and compound quarterly at a rate equal to 10.50% plus Term SOFR, which shall increase by 1.50% per annum on the second through seventh anniversaries of the issuance date. As of March 31, 2026, the Company has $99,287 of cumulative distributions in arrears recorded at Redeemable Senior Preferred Membership Interests in the accompanying unaudited Condensed Consolidated Balance Sheets.

●

Second, Common Members receive distributions up to total contributions made.

●

Third, Series P Interest holders receive their percentage profit interest of such distributions, until such holder has received an aggregate amount of distributions equal to such holder’s aggregate Series P percentage of the sum of (i) the aggregate amount distributed to all Common Members for all time periods and (ii) the aggregate amount of distributions equal to such holder’s aggregate Series P percentage of the amounts distributed to all Members following the date on which the Series P Interest was granted.

●

Thereafter, the remainder is apportioned as follows: (i) each holder of Series P Interests shall be entitled to its aggregate Series P percentage of the balance; and (ii) each Common Member shall be entitled to its then-Common Membership percentage interest of the difference between the balance and the amount distributed to holders of Series P Interests.

Liquidation and transfer restrictions

Redeemable Senior Preferred Members have priority over Common Members in the event of liquidation, receiving their initial capital contributions plus any unpaid preferred returns before Common Members receive distributions. In the event of any voluntary or involuntary liquidation event, dissolution, winding up of the Company, each holder of the outstanding Redeemable Senior Preferred Membership Interests will be entitled to receive a preferential payment equal to the stated value ($1,000 per share) plus the aggregate amount of all accrued, accumulated and unpaid distributions (the “Liquidation

Preference Amount”), prior and in preference to any distributions to other members. As of March 31, 2026, the Company has a Liquidation Preference Amount equal to the Redemption value amount of $249,287. Redeemable Senior Preferred Members have no conversion or exchange rights. Transfers of Common Member Interests and Series P Interests require written approval by the Board, except for certain permitted transfers specified in the operating agreement.

Redemption

The Company, may at any time, redeem the whole or any part of the outstanding Redeemable Senior Preferred Membership Interests at a redemption price based on the greater of (i) the product of (a) 1.30 multiplied by (b) the aggregate purchase price of such interests being redeemed less any distributions previously paid in cash and (ii) the Liquidation Preference Amount (the “Redemption Amount”). In addition, the Redeemable Senior Preferred Membership Interests are redeemable upon the occurrence of (i) any change of control of the Company, (ii) the consummation of a qualified IPO or (iii) any insolvency event, at the Redemption Amount. Common Members and Series P Members do not have redemption rights.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Segment Reporting Information [Line Items]

Schedule of operating financial results for the segment


Three months ended March 31,		2026		2025
Revenue
Fuel sales		$	464,305	$	400,177
Inside merchandise sales			213,677		195,104
Other revenues			5,648		5,037
Total revenues			683,630		600,318
Less:
Cost of fuel sales			392,696		351,980
Cost of merchandise sales			136,519		128,472
Salaries and employee benefits			49,712		49,096
Payment fees			12,550		10,735
Repairs and maintenance			4,659		4,899
Facility expense			11,433		8,811
Other selling, general, and administrative expenses^(a)			17,715		21,353
Depreciation, amortization, and accretion			15,988		15,517
(Gain) loss on disposal of assets			(86)		(745)
Interest expense, net			12,208		14,534
Other segment items^(b)			—		1,300
Consolidated net income (loss)		$	30,236	$	(5,634)

(a)	^{Other selling, general, and administrative expenses primarily includes: utilities, insurance, supplies, and other operating expenses.}

(b)	^{Other segment items include change in fair value of derivative liability and income tax expense.}

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Property, Plant and Equipment [Line Items]

Schedule of property and equipment


		March 31, 2026		December 31, 2025
Land		$	186,371	$	182,433
Buildings and improvements			539,872		535,982
Equipment			221,340		216,717
Tanks			160,078		158,833
Construction in process			11,426		17,530
			1,119,087		1,111,495
Less: accumulated depreciation and amortization			(258,736)		(242,936)
Property and equipment, net		$	860,351	$	868,559

Segment Reporting (Details) - Single reporting segment - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenues	$ 683,630	$ 600,318
Expenses:
Salaries and employee benefits	49,712	49,096
Payment fees	12,550	10,735
Repairs and maintenance	4,659	4,899
Facility expense	11,433	8,811
Other selling, general, and administrative expenses	17,715	21,353
Depreciation, amortization, and accretion	15,988	15,517
(Gain) loss on disposal of assets	(86)	(745)
Interest expense	12,208	14,534
Other segment items	0	1,300
Income before income tax expense	$ 30,236	$ (5,634)
Segment Reporting, Other Segment Item, Composition, Description	Other segment items include change in fair value of derivative liability and income tax expense.	Other segment items include change in fair value of derivative liability and income tax expense.
Fuel sales
Segment Reporting Information [Line Items]
Total revenues	$ 464,305	$ 400,177
Expenses:
Cost of revenue	392,696	351,980
Inside merchandise sales
Segment Reporting Information [Line Items]
Total revenues	213,677	195,104
Expenses:
Cost of revenue	136,519	128,472
Other revenues
Segment Reporting Information [Line Items]
Total revenues	$ 5,648	$ 5,037

Fair Value Measurements (Tables) - BW Ultimate Parent, LLC and Subsidiaries

3 Months Ended

Mar. 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of the fair value hierarchy of the Company's assets and liabilities measured at fair value on a recurring basis


	Fair Value Measurement at the end of
	March 31, 2026, and December 31, 2025
	Level 1				Level 2				Level 3
	2026		2025		2026		2025		2026		2025
Description
Cash equivalents
Overnight Investments	$	52,984	$	28,272	$	—	$	—	$	—	$	—
Total Cash equivalents	$	52,984	$	28,272	$	—	$	—	$	—	$	—
Derivatives
Redeemable senior preferred membership interests	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivatives	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	52,984	$	28,272	$	—	$	—	$	—	$	—

Summary of changes in the fair value of the Company's Level 3 valuation for the derivative liability


Balance at December 31, 2024	$	900
Change in fair value		(900)
Balance at December 31, 2025	$	—
Change in fair value		—
Balance at March 31, 2026	$	—

Summary of Significant Accounting Policies (Tables) - BW Ultimate Parent, LLC and Subsidiaries

3 Months Ended

Mar. 31, 2026

Accounting Policies [Line Items]

Summary of the receivable values


		March 31, 2026		December 31, 2025
Trade accounts receivable		$	31,282	$	23,707
Lottery accounts receivable			725		684
Other accounts receivable			344		294
Allowance for credit losses			(138)		(147)
Accounts receivable, net		$	32,213	$	24,538

Disclosure of current inventory


		March 31, 2026		December 31, 2025
Fuel		$	26,612	$	21,097
Merchandise			61,670		62,074
Total inventories		$	88,282	$	83,171

Schedule of other current assets


		March 31, 2026		December 31, 2025
BTS Arrangements - construction in progress		$	15,501	$	10,352
Other			2,999		2,883
Total other current assets		$	18,500	$	13,235

Schedule of property and equipment


Category		Range
Buildings and improvements		10-39 years
Equipment		5 years
Tanks		Lesser of lease term or 40 years
Leasehold improvements		Lesser of lease term or useful life

Schedule of disaggregation of company's revenue by major source


Three months ended March 31,		2026		2025
Fuel sales		$	464,305	$	400,177
Inside merchandise sales			213,677		195,104
Other revenues			5,648		5,037
Total revenues		$	683,630	$	600,318

Disclosure of changes in contract with customer liability


		March 31, 2026
Loyalty rewards liability, beginning balance		$	3,456
Revenue deferred			1,641
Revenue recognized			(1,614)
Loyalty rewards liability, ending balance		$	3,483

Disclosure of roll forward of the asset retirement obligations


		March 31, 2026		December 31, 2025
Balance at beginning of period		$	10,096	$	10,854
Accretion expense			160		635
Liabilities settled			—		(141)
Revisions in estimated cash flows			—		(178)
Liabilities incurred			16		348
Liabilities classified as held for sale			—		(1,422)
Balance at end of period		$	10,272	$	10,096

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of reconciliation of the U.S. statutory rate to the effective tax rate


		2026					2025
Three Months ended March 31,		Amount			Rate		Amount		Rate
U.S. federal statutory rate		$	(9,985)		(21.0)	%	$	(59)	(21.0)	%
Changes in valuation allowances			9,985		21.0	%		59	21.0	%
Effective tax		$	—		—	%	$	—	—	%

Schedule of deferred income tax assets


		March 31, 2026			December 31, 2025
Capitalized start-up costs		$	43,138		$	16,527
Total deferred tax assets before valuation allowance			43,138			16,527
Valuation allowance			(43,138)			(16,527)
Net deferred tax asset		$	—		$	—

Financing Obligations, net - Cancelled 2019 Sale-leaseback transactions (Details) - BW Ultimate Parent, LLC and Subsidiaries $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) item Options	Mar. 31, 2025 USD ($)
Sale Leaseback Transaction [Line Items]
Interest expense associated with the financial obligation	$ 8,573	$ 10,606
Cancelled 2019 Sale-leaseback transactions
Sale Leaseback Transaction [Line Items]
Number of retail gasoline stations and convenience stores, the Company entered into sale and leaseback transactions \| item	76
Number of buyer-lessors \| item	2
Base sale-leaseback terms (in years)	20 years
Lessee, Sale Leaseback Transaction, Existence of Option to Extend [true false]	true
Number of successive options to renew the leases \| Options	4
Sale-leaseback, renewal terms (in years)	5 years
Financial obligation recognized post cancellation of failed sale-leaseback transaction	$ 236,894
Effective yield rate (in %)	6.20%
Gain or loss on termination of sale-leaseback transaction	$ 0
Interest expense associated with the financial obligation	3,857	3,831
Quarterly lease rental payments	$ 496	$ 467
Percentage, lower threshold of incremental rent payable	1.50%
Multiplier of the increase in the CPI , lower threshold of incremental rent payable	1.5
Financing costs incurred	$ 1,276

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Jun. 01, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Document Fiscal Year Focus	2026
Securities Act File Number	001-43243
Entity Registrant Name	Yesway, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3446060
Entity Address, Address Line One	2301 Eagle Parkway
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76177
City Area Code	682
Local Phone Number	428-2400
Title of 12(b) Security	Class A Common Stock, par value $0.0001
Trading Symbol	YSWY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001859836
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,185,562
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,009,185

Commitments and Contingencies - Other commitments (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Contract to build stores
Other Commitments [Line Items]
Remaining commitment amount	$ 22,744	$ 9,161
Capital contribution for investment in Intrepid Venture GP, LLC
Other Commitments [Line Items]
Maximum capital contribution	3,000
Investment, carrying value	1,812
Remaining commitment amount	$ 1,188

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Line Items]

Income Taxes

3.	Income Taxes

A reconciliation of the U.S. statutory rate to the effective tax rate is as follows:


		2026					2025
Three Months ended March 31,		Amount			Rate		Amount		Rate
U.S. federal statutory rate		$	(9,985)		(21.0)	%	$	(59)	(21.0)	%
Changes in valuation allowances			9,985		21.0	%		59	21.0	%
Effective tax		$	—		—	%	$	—	—	%

Deferred income tax assets consisted of:


		March 31, 2026			December 31, 2025
Capitalized start-up costs		$	43,138		$	16,527
Total deferred tax assets before valuation allowance			43,138			16,527
Valuation allowance			(43,138)			(16,527)
Net deferred tax asset		$	—		$	—

BW Ultimate Parent, LLC and Subsidiaries

Income Tax Disclosure [Line Items]

Income Taxes

13.

Income Taxes

The Company had income tax expense attributable to earnings of $0 for each of the three months ended March 31, 2026, and March 31, 2025.

As of March 31, 2026, and March 31, 2025, the Company has not recorded any amounts for uncertain tax positions. For the three months ended March 31, 2026, and the year ended December 31, 2025, no estimated interest or penalties were recognized on uncertain tax positions. The Company has made the proper elections and received approval for limited liability company status in the jurisdictions where it is required to do so. Additionally, the Company has filed IRS Form 1065 and Member schedule K-1s, as required, and all other applicable returns in jurisdictions where required.

- Definition

The entire disclosure for income tax.

+ References

+ Details

Income Taxes - Deferred income tax assets (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Capitalized start-up costs	$ 43,138	$ 16,527
Total deferred tax assets before valuation allowance	43,138	16,527
Valuation allowance	$ (43,138)	$ (16,527)

Leases (Details) - BW Ultimate Parent, LLC and Subsidiaries $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) project store Options
Lessee, Lease, Description [Line Items]
Initial term	20 years
Existence of option to extend	true
Number of options to extend \| Options	2
Additional lease term	4 years
Percentage of annual increase to base rent	2.00%
Number of stores completed construction under build to suit \| store	1
Initial recognition of operating lease liability	$ 8,218
Initial recognition of operating lease right of use assets	$ 8,333
Number of stores construction in progress under build to suit \| project	1

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Line Items]

Basis of presentation

Basis of Presentation

Cash and cash equivalents

Cash

All cash was cash on hand and is carried in the financial statements at amounts which approximates its fair value.

Accounting Pronouncements Adopted During the Current Year

Recently Issued Accounting Pronouncements - Not yet Adopted

BW Ultimate Parent, LLC and Subsidiaries

Accounting Policies [Line Items]

Basis of presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations and should be read in conjunction with the Company’s latest audited annual financial statements.

In the opinion of the Company, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2026, and December 31, 2025, and its results of operations for the three months ended March 31, 2026, and March 31, 2025, and cash flows for the three months ended March 31, 2026, and March 31, 2025.

Principles of consolidation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries and its majority owned subsidiaries. All of the Company’s subsidiaries are wholly owned with the exception of RE Energy Company, LLC (“RE Energy”), which has a non-controlling interest with the right to receive distributions related to a patronage program of RE Energy’s fuel distributor. All intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Among the estimates made by management are (i) estimated fair value of assets and liabilities acquired in a business combination or asset acquisition and identification of goodwill and intangible assets, (ii) assumptions used to evaluate goodwill, (iii) assumptions used to evaluate property and equipment and intangible assets for impairment, (iv) assumptions used to determine the fair value of leased properties, (v) accruals and contingent liabilities, and (vi) fair value of derivatives.

Although the Company believes its estimates are reasonable, actual results could differ from these estimates.

Cash and cash equivalents

Cash and cash equivalents are comprised of cash and investments with original maturity dates of three months or less at the time of purchase to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value.

Accounts receivable and allowance for credit losses

Below is a summary of the receivable values at March 31, 2026, and December 31, 2025, with a beginning balance at January 1, 2025, for the amount of $22,128:


		March 31, 2026		December 31, 2025
Trade accounts receivable		$	31,282	$	23,707
Lottery accounts receivable			725		684
Other accounts receivable			344		294
Allowance for credit losses			(138)		(147)
Accounts receivable, net		$	32,213	$	24,538

At March 31, 2026, and December 31, 2025, all of the Company’s accounts receivable were classified as current assets and there were no non-standard payment terms.

Inventories

Inventories primarily consist of merchandise in the Company’s stores and fuel. Merchandise is stated at the lower of cost or market using the average retail method. Fuel inventories use a weighted-average cost using the first-in, first-out method for fuel. The Company also carries supply and equipment parts inventory necessary to keep store facilities and equipment in working order.

In order to assure valuation at the lower of cost or market for merchandise, the retail value of inventory is adjusted on a consistent basis to reflect current market conditions. These adjustments include increases in the retail value of inventory for initial markups to set the selling price of goods or additional markups to adjust pricing for inflation and decreases to the retail value of inventory for markdowns associated with promotional, seasonal, or other declines in the market value.

Because these adjustments are made on a consistent basis and are based on current prevailing market conditions, they approximate the carrying value of the inventory at market. Therefore, after applying the cost to retail ratio, the cost value of inventory is stated at the lower of cost or market.

Inventories consist of the following:


		March 31, 2026		December 31, 2025
Fuel		$	26,612	$	21,097
Merchandise			61,670		62,074
Total inventories		$	88,282	$	83,171

Because the approximation of market under the retail inventory method is based on estimates such as markups, markdowns, and inventory losses (shrink), there exists an inherent uncertainty in the final determination of inventory cost and gross margin. In order to mitigate that uncertainty, the Company performs quarterly physical counts at all locations and has a formal review by product class which considers variables such as current market trends, seasonality, weather patterns, and age of merchandise to ensure that markdowns are taken currently, or a markdown reserve is established to cover future anticipated markdowns. This review also considers current pricing trends and inflation to ensure that markups are taken, if necessary.

The Company establishes inventory reserves to record its inventory at the lower of cost or net realizable value. A portion of the inventory reserves represent an amount for excess and slow-moving inventory on hand that is expected to be written

off or otherwise disposed of below cost at a future date. The Company’s estimate of the appropriate amount of the excess and slow-moving inventory reserve utilizes certain inputs and involves judgment. The inventory reserve was $950 at March 31, 2026, and December 31, 2025, which is included in Inventories in the accompanying unaudited Condensed Consolidated Balance Sheets.

Other current assets

The Company accounts for costs incurred for construction-in-progress under build-to-suit sale-leaseback arrangements (“BTS Arrangements”) within Other current assets in the accompanying Consolidated Balance Sheets. The costs consist primarily of payments made by the Company to purchase assets where the Landlords are the accounting owner. The costs are expected to be reimbursed by the Landlords throughout the construction period.


		March 31, 2026		December 31, 2025
BTS Arrangements - construction in progress		$	15,501	$	10,352
Other			2,999		2,883
Total other current assets		$	18,500	$	13,235

Property and equipment

Property and equipment are carried at cost, less accumulated depreciation, amortization, and accretion. Depreciation, amortization, and accretion are computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements and other assets at leased locations are amortized over the shorter of the estimated useful lives of the assets or the term of the lease. Useful lives for assets are as follows:


Category		Range
Buildings and improvements		10-39 years
Equipment		5 years
Tanks		Lesser of lease term or 40 years
Leasehold improvements		Lesser of lease term or useful life

Impairment and disposal of long-lived assets

FASB ASC 360, Property, Plant and Equipment, addresses the reporting for the impairment or disposal of long-lived assets and does not apply to goodwill or intangible assets that are not being amortized and certain other long-lived assets. The Company has long-lived assets, primarily consisting of real property and improvements thereon, underground storage tanks, dispensing equipment, other personal property, and right-of-use assets. The Company evaluates intangible and tangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

The Company monitors closed and underperforming stores for an indication that the carrying amount of assets may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recognized to the extent the carrying value of the assets exceeds their estimated fair value. Fair value is based on management’s estimate of the amount that could be realized from the sale of assets in a current transaction between willing parties. The estimate is derived from offers, actual sale or disposition of assets subsequent to year end, and other indicators of fair value.

In determining whether an asset is impaired, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which for the Company is generally on a store-by-store basis.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net tangible and identifiable intangible assets of businesses acquired. The Company performs an annual impairment test of its goodwill unless interim indicators of impairment exist. The testing of goodwill for impairment is performed at a level referred to as a reporting unit. A reporting unit is either the “operating segment level” or one level below, which is referred to as a “component.” The level at which the impairment test is performed requires an assessment as to whether the operations below the operating segment constitute a self-sustaining business, in which case testing is generally required to be performed at this level. The Company has determined that it has one operating segment and one reporting unit. The Company’s annual impairment testing date is October 1 of each fiscal year. US GAAP permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, as a basis for determining whether it is necessary to perform the quantitative impairment test. An impairment loss is recognized in an amount equal to the excess of the reporting unit’s carrying value over its fair value, up to the amount of goodwill allocated to the reporting unit. At March 31, 2026, the Company assessed qualitative factors and determined it was more likely than not that the fair value of the reporting unit exceeded the carrying value.

Assets Held for Sale

The Company classifies assets and liabilities as held for sale when the below conditions are satisfied:

●

Management has approved and committed to a plan to sell the assets or disposal group.

●

The asset or disposal group is available for immediate sale in its present condition.

●

An active program to locate a buyer and other actions required to complete the sale have been initiated.

●

The sale of the asset or disposal group is probable and expected to be completed within one year.

●

The asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

●

It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

The assets and liabilities are classified as non-current when proceeds are expected to be used to re-pay long-term debt. The Company initially measures a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell and recognize any loss in the period in which the held for sale criteria are met. Gains are not recognized until the date of sale. The Company ceases depreciation and amortization of assets within a disposal group, upon their designation as held for sale and subsequently assesses fair value less any costs to sell at each reporting date until the asset or disposal group is no longer classified as held for sale.

Self-insurance reserves

The Company self-insures its health and dental benefits offered to its employees. To mitigate the risk of self-insured healthcare claims costs, the Company purchased stop-loss insurance that shifts the financial liability back to the insurance provider if specific claim and expense amounts are in excess of $200. The self-insurance reserve is determined actuarially at each quarter end based on claims filed and an estimate of claims incurred but not yet reported. At March 31, 2026, and December 31, 2025, self-insurance reserves of $2,111 and $3,904 respectively, are included in Accrued expenses and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. The Company recorded expenses totaling $3,235 and $2,008 related to self-insured health care claims during the three months ended March 31, 2026, and March 31, 2025, respectively, which are recorded in Selling, general, and administrative expenses in the accompanying unaudited Condensed Consolidated Statements of Income.

Self-insurance reserves were made for estimated liabilities associated with workers’ compensation and general liability. The reserve estimate is based on an actuarial evaluation of the Company’s history of claims, industry benchmark factors, and specific event analysis. At March 31, 2026, and December 31, 2025, self-insurance reserves of $5,729 and $5,550,

respectively, for workers’ compensation and general liability reserve on a discounted basis are included in Accrued expenses and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets.

Revenue recognition

Point in time

The Company recognizes retail sales of fuel and merchandise at the point in time of the sale to the customer when goods or services are exchanged for legal tender as the performance obligation has been satisfied. Sales taxes collected from customers and remitted to the government are recorded on a net basis in the accompanying unaudited Condensed Consolidated Financial Statements.

The Company evaluates whether it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or a net basis. In performing this analysis, the Company considers first whether it controls the goods before they are transferred to the customers and if it has the ability to direct the use of the goods or obtain benefits from them. The Company also considers the following indicators: (1) the primary obligor, (2) the latitude in establishing prices and selecting suppliers, and (3) the inventory risk borne by the Company before and after the goods have been transferred to the customer. When the Company acts as principal, revenue is recorded on a gross basis. When the Company acts as an agent, revenue is recorded on a net basis. The Company recognizes commissions and other service fees on the sale of lottery and gaming products, at the point in time of the sale to the customer.

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2026, and March 31, 2025:


Three months ended March 31,		2026		2025
Fuel sales		$	464,305	$	400,177
Inside merchandise sales			213,677		195,104
Other revenues			5,648		5,037
Total revenues		$	683,630	$	600,318

Deferred revenue – loyalty program

The Company offers customer loyalty programs whereby participants can earn rewards based on their spending or other promotional activities redeemable towards certain merchandise or fuel. These programs create a performance obligation which requires us to defer a portion of sales revenue to the loyalty program participants until they redeem their awards. Earned rewards expire after an account is inactive for between one month and one year, depending on the program. The Company determines the loyalty reward obligations based on the relative standalone selling price. Liabilities for unredeemed awards are accrued until redemption or expiration and, upon redemption and expiration, recorded as an adjustment to Other revenues.

Changes in the loyalty rewards program liability are included in Accrued expenses and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets were as follows:


		March 31, 2026
Loyalty rewards liability, beginning balance		$	3,456
Revenue deferred			1,641
Revenue recognized			(1,614)
Loyalty rewards liability, ending balance		$	3,483

The Company expects all loyalty rewards outstanding as of March 31, 2026, to be recognized within one year.

Excise tax

Excise taxes of $58,973 and $54,317 on retail fuel sales are included in total revenues and cost of goods sold for the three months ended March 31, 2026, and March 31, 2025, respectively.

Cost of goods sold (exclusive of depreciation and amortization)

The Company includes all costs incurred to acquire motor fuel and merchandise, including excise taxes, the costs of purchasing, storing, and transporting inventory prior to delivery to customers as Cost of goods sold (exclusive of depreciation and amortization) in the accompanying unaudited Condensed Consolidated Statements of Income. All depreciation and amortization of Property and equipment amounts are included in Depreciation, amortization, and accretion expense in the accompanying unaudited Condensed Consolidated Statements of Income.

Fuel and merchandise vendor allowances and rebates

Fuel suppliers and merchandise vendors offer incentives and allowances in different forms. The Company accounts for these incentives and allowances under FASB ASC 705-20, Accounting for Consideration Received from Vendors.

Fuel supplier incentives and allowances may include a discount for prompt payment, temporary volume allowances, and other volume rebates. Prompt payment discounts from suppliers are based on a percentage of the purchase price of motor fuel and the dollar value of these discounts varies with motor fuel prices. These incentives and allowance are recorded as reduction to the cost of goods sold. The aggregate amounts recorded as a reduction to Cost of goods sold (exclusive of depreciation and amortization) in the accompanying unaudited Condensed Consolidated Statements of Income for fuel supplier incentives and allowances for the three months ended March 31, 2026, and March 31, 2025, were $428 and $374, respectively.

The Company receives payments for vendor allowances and volume rebates from various suppliers of convenience store merchandise. Vendor allowances for price markdowns are credited to the cost of goods sold during the period the related markdown is realized. Volume rebates of merchandise are recorded as reductions to the cost of goods sold when the merchandise qualifies for the rebate is sold. Slotting and stocking allowances received from a vendor are recorded as a reduction to the cost of goods sold over the period covered by the agreement.

The aggregate amounts recorded as a reduction to Cost of goods sold (exclusive of depreciation and amortization) in the accompanying unaudited Condensed Consolidated Statements of Income for merchandise vendor allowances and rebates for the three months ended March 31, 2026, and March 31, 2025, were $9,718 and $9,069, respectively.

Concentration of suppliers

The Company procures most of its fuel products under branded fuel supply agreements with two major oil companies. The supply agreements provide formula-based pricing and minimum volume commitments. For the three months ended March 31, 2026, and March 31, 2025, the Company’s branded fuel purchases totaled approximately 85% and 89%, respectively, and exceeded their minimum volume purchase commitments. The Company may also purchase unbranded fuel from other suppliers to supply unbranded sites. Fuel products are received at various fuel terminals throughout markets in which the Company operates and are transported to stores through common carriers. While the Company believes other fuel suppliers could supply product at similar or more favorable terms, there is a risk that an alternative supplier would not be immediately available or would not meet the current contracted pricing agreement, resulting in a material effect on the Company’s business, cost of goods sold, and results of operations.

The Company also purchased approximately 56% of general merchandise and supplies from three wholesale grocers during each of the three months ended March 31, 2026, and March 31, 2025. While the Company believes other wholesale grocers could supply general merchandise at similar or more favorable terms, there is a risk an alternative supplier would

not be immediately available or would not meet the current pricing resulting in a material effect on the Company’s business, costs of goods sold, and results of operations.

Concentration of credit risk

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company invests a portion of its cash and cash equivalents with nonaffiliated institutions, which, at times, may exceed federally insured limits and which management believes to have strong credit ratings. The Company has not experienced any losses on its deposits of cash or cash equivalents. Federal insurance coverage was limited to $250 per depositor at each financial institution. As of March 31, 2026, and December 31, 2025, there were approximately $59,303 and $29,004, respectively, in accounts that were in excess of federally insured limits. Concentrations of credit risk with respect to accounts receivable are limited due to the credit worthiness of the Company’s credit card processors, vendors, tenants, and customers. Management regularly monitors the creditworthiness of its counterparties and believes that it has adequately provided for any exposure to expected credit losses.

Unit incentive plan

Employees of the Company are eligible to participate in the Unit Incentive Plan (the “Plan”). The Plan is designed as profit interests for plan participants (the “Plan Participants”) to share in any future appreciation of the Company after the Members receive the agreed upon distribution of $762,110, thereby aligning the interests of Plan Participants with those of the Company’s Members. The Company authorized the issuance of up to 2.5% Series P member interests (“Series P Interests”) for Plan Participants. Series P Interests are subject to vesting, repurchase rights upon cessation of employment, and other events defined within the Plan. Series P Interests vest over a 4-year period as long as the Participant has provided continuous employment, consulting, or other service to the Company, one of its Affiliates or an Affiliate through each vesting date.

Redeemable senior preferred membership interests

The Company accounts for members’ interest subject to possible redemption in accordance with the guidance in FASB ASC 480, Distinguishing Liabilities from Equity. The redeemable senior preferred membership interests are redeemable upon the occurrence of certain deemed liquidation events which are outside of the Company’s control and therefore are classified outside of permanent equity. The redeemable senior preferred membership interests are recorded net of issuance costs and discounts and are being accreted to their expected redemption amount using the effective interest method over the expected term of the instrument (effective interest rate of 17.2% as of March 31, 2026). The Company recorded accretion of $10,402 and $8,394 during the three months ended March 31, 2026, and March 31, 2025, respectively, which is considered a deemed dividend.

The redeemable senior preferred membership interests contain an embedded derivative which requires bifurcation and mark-to-market treatment each period with changes in fair value recognized in earnings in accordance with FASB ASC 815-15, Derivatives and Hedging – Embedded Derivatives.

The Company bifurcates embedded features from their host instruments and accounts for them as freestanding derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. (See also Note 9 Fair Value Measurements.)

Non-controlling interest

In the accompanying unaudited Condensed Consolidated Balance Sheets, the Company separately identifies the equity of a non-controlling partner of its subsidiary, RE Energy, which has the right to receive distributions related to a patronage program of RE Energy’s fuel distributor. Non-controlling interest is recognized as a component of equity in the accompanying unaudited Condensed Consolidated Balance Sheets and the net income attributable to the non-controlling interest is allocated in the accompanying unaudited Condensed Consolidated Statements of Income. Net income of $0 was allocated to non-controlling interest during both the three months ended March 31, 2026, and March 31, 2025.

Lease accounting

Leases are classified and reported in accordance with FASB ASC 842, Leases (“ASC 842”). The Company leases certain properties under non-cancellable leases whose base terms are typically 10 to 20 years and generally provide options that permit renewals for additional periods. The Company recognizes a right-of-use asset representing its right to use the underlying assets for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. When the implicit rate is not readily determinable, the Company uses its incremental borrowing rate of debt over the term of the lease. The Company includes lease payments from renewal options in the measurement of its right-of-use assets and lease liabilities when the renewal options are reasonably certain of exercise. Minimum lease payments are expensed on a straight-line basis over the term of the lease including renewal periods that are reasonably expected to be exercised. In addition to minimum lease payments, certain leases provide for fixed or indexed-based increases and may also include additional payments based on the Company’s sales volumes. The Company is typically responsible for payment of real estate taxes, maintenance expenses, and insurance related to the leased properties. All variable-based increases or additional lease expenses are expensed as incurred and not included in the Company’s recognized lease liabilities.

The Company has elected to account for each lease component and its associated non-lease components as a single component and has allocated the contract consideration across lease components only.

Additionally, for each of the Company’s real estate transactions involving the leaseback of the related property from the buyer or affiliates of the buyer, the Company determines whether these transactions qualify as sale and leaseback transactions under ASC 842. A transaction involving a sale and leaseback will be accounted for as a sale if the buyer-lessor obtains control of the asset unless the leaseback would be classified as a finance lease or unless an option for the Company to repurchase the asset would preclude accounting as a sale. The Company considers various inputs and assumptions in assessing whether transactions involving a sale and leaseback should be accounted for as a sale, including whether the buyer-lessor has the significant risks and rewards of ownership, lease renewal options, and whether a repurchase option exists. For these transactions, the Company considers various inputs and assumptions including, but not necessarily limited to, effective cost of funds, lease terms, renewal options, minimum lease payments, discount rates, economic life of the properties, the existence of a purchase option, and other rights and provisions in the purchase and sale agreement, lease, and other documentation to determine whether control has been transferred to the buyer or remains with the Company. A lease will be classified as direct financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease.

In addition to the sale and leaseback transactions described above, the Company entered into BTS Arrangements for the construction of new stores. For BTS Arrangements, the Company may transfer land or partially constructed assets to the lessor and leaseback the underlying assets upon completion of construction. Only transactions for which the construction-in-progress asset is substantially similar to the completed asset leased back are in the scope of the sale and leaseback guidance. If the asset leased back is substantially different from that being sold, the transaction is assessed as a sale of a non-financial asset under FASB ASC 606, Revenue Recognition.

Under FASB ASC 842, BTS Arrangements require specific consideration to determine whether the Company is considered the accounting owner of the land and asset during the construction period. This determination requires the Company to evaluate whether the Company controls the land and assets being constructed, which includes having the ability to direct how and for what purpose the asset is used during the construction period, as well as bearing the majority of the risks and rewards of ownership. For these BTS Arrangements, the Company has determined the lessor has obtained control of the land during the construction period. Nonetheless, the Company remains the accounting owner of the land until lease commencement as sale treatment cannot be determined until the lease commences. Upon commencement of the lease, the Company applies the leaseback measurement guidance under ASC 842 described above.

Asset retirement obligations

The following is a roll forward of the asset retirement obligations at March 31, 2026, and December 31, 2025:


		March 31, 2026		December 31, 2025
Balance at beginning of period		$	10,096	$	10,854
Accretion expense			160		635
Liabilities settled			—		(141)
Revisions in estimated cash flows			—		(178)
Liabilities incurred			16		348
Liabilities classified as held for sale			—		(1,422)
Balance at end of period		$	10,272	$	10,096

Segment reporting

The Company manages its business activities on a consolidated basis and operates as a single operating segment (the “Retail segment”). The Company primarily derives its revenue in the United States by operating convenience stores that offer a broad selection of merchandise, fuel, and other products and services designed to appeal to the convenience needs of the Company’s customers. The Company’s stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of customers. The Chief Operating Decision Maker (“CODM”) is the Chairman and Chief Executive Officer. The CODM evaluates performance using Net income, as reported in the Company’s accompanying unaudited Condensed Consolidated Statements of Income. This metric is used to make operational and strategic decisions, prepare the Company’s annual plan, and allocate resources. The measurement of segment assets is reported in the accompanying unaudited Condensed Consolidated Balance Sheets as Total assets.

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Debt

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Debt Instrument [Line Items]

Debt

On April 2, 2021, the Company entered into a credit facility which was subsequently amended on November 23, 2022 (the “2021 Credit Facility”). The 2021 Credit Facility includes a $410,000 term loan (the “2021 Term Loan”) with a seven-year maturity and a $150,000 revolver (the “2021 Revolver”) with a five-year maturity. The 2021 Credit Facility was further amended on May 26, 2023 (the “2023 Amendment”), to replace the benchmark interest rate from LIBOR to SOFR as of July 1, 2023, and to adopt other conforming changes. The Company elected to apply the optional expedient within FASB ASC 848, Reference Rate Reform, and determined that the 2023 Amendment was a debt modification in accordance with FASB ASC 470-50, Debt – Modifications and Extinguishments. There was no material impact to the accompanying unaudited Condensed Consolidated Financial Statements for these changes.

On May 30, 2025, the Company entered into an additional amendment to the Credit Facility with the Existing Revolver Lenders and extended the maturity date of the 2021 Revolver from April 2, 2026, to April 2, 2027 (the “First 2025 Credit Amendment”). On December 18, 2025, the Company entered into an additional amendment to the Credit Facility with the Existing Revolver Lenders (the “Second 2025 Credit Amendment” and together with the First 2025 Credit Amendment, the “2025 Credit Amendments”) and extended the maturity date of the 2021 Revolver from April 2, 2027, to April 2, 2028, lowered the interest rate by 25 basis points, and eliminated an upfront fee of 0.10% for each consenting Existing Revolving Credit Commitment. The Company determined the 2025 Credit Amendments to be debt modifications in accordance with FASB ASC 470-50. The fees associated with the 2025 Credit Amendments were immaterial.

As of March 31, 2026, the interest rate under the 2021 Term Loan is SOFR plus 275 basis points (7.28% as of March 31, 2026) and the interest rate under the 2021 Revolver is SOFR plus 275 basis points (6.17% as of March 31, 2026). Principal on the 2021 Term Loan is payable in quarterly installments of $1,025, with a balloon payment of the remaining outstanding balance due upon maturity in April 2028. Borrowings on the 2021 Revolver are due upon maturity in April 2028. As of March 31, 2026, the Company has $110,000 available for future borrowings under its 2021 Revolver facility, of which $3,127 is committed to undrawn letters of credit.

Debt components as of March 31, 2026, and December 31, 2025, are summarized as follows:


		March 31, 2026		December 31,2025
2021 Term Loan (effective interest rate of 8.46% and 9.11% as of March 31, 2026, and December 31, 2025, respectively)		$	390,525	$	391,550
2021 Revolver (effective interest rate of 6.37% and 7.63% as of March 31, 2026, and December 31, 2025, respectively)			40,000		50,000
Total debt			430,525		441,550
Less: debt discount and debt issuance costs			(8,262)		(9,239)
Less: current maturities of debt			(4,100)		(4,100)
Debt, net of current maturities, debt discount, and debt issuance costs		$	418,163	$	428,211

Scheduled principal payments of debts as of March 31, 2026, are as follows:


Years ending		Amount
2026 (remaining period)		$	3,075
2027			4,100
2028			423,350
Total		$	430,525

The 2021 Term Loan and 2021 Revolver are prepayable in accordance with the loan agreements without a prepayment penalty. In addition to contractually scheduled maturities, if certain excess free cash flow thresholds are achieved, as defined by the 2021 Credit Facility, and there is an outstanding balance on the 2021 Term Loan at the end of the respective calendar year, the Company will be obligated to prepay a certain amount of principal, as defined by the 2021 Credit Facility, within 125 days of the respective calendar year end. The 2021 Credit Facility is guaranteed by the Company. Under the 2021 Credit Facility, the Company is required to maintain compliance with certain financial and non-financial covenants. As of March 31, 2026, the Company was in compliance with its covenants.

Interest activity for debt for the periods presented is as follows:


Three months ended March 31,		2026		2025
Interest incurred		$	8,998	$	10,606
Less: Amounts capitalized			(425)		—
Interest expense		$	8,573	$	10,606

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurements

9.	Fair value measurements

The Company follows the provisions of FASB ASC 820 Fair Value Measurement (“ASC 820”), which defines fair value and establishes a hierarchy for inputs used in measuring fair value that maximize the use of observable inputs and minimize the use of unobservable inputs, requiring that inputs that are most observable be used when available. Observable inputs are inputs that market participants operating within the same marketplace as the Company would use in pricing the Company’s assets or liability based on independently derived and observable market data. Unobservable input cannot be sourced from a broad active market in which assets or liabilities identical or similar to those of the Company are traded. The Company estimates the price of any assets for which there are only unobservable inputs by using assumptions that market participants that have investments in the same or similar assets would use as determined by the money managers for each investment based on best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the degree to which the exit price is independently observable or determinable as follows:

Level 1 - Valuation based on quoted market prices in active markets for identical assets or liabilities. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date.

Level 3 - Valuation based on inputs that are unobservable and reflect management’s best estimate of what market participants would use as fair value.

The following table summarizes the fair value hierarchy of the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2026, and December 31, 2025:


	Fair Value Measurement at the end of
	March 31, 2026, and December 31, 2025
	Level 1				Level 2				Level 3
	2026		2025		2026		2025		2026		2025
Description
Cash equivalents
Overnight Investments	$	52,984	$	28,272	$	—	$	—	$	—	$	—
Total Cash equivalents	$	52,984	$	28,272	$	—	$	—	$	—	$	—
Derivatives
Redeemable senior preferred membership interests	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivatives	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	52,984	$	28,272	$	—	$	—	$	—	$	—

Valuation techniques and methodologies

Cash, Accounts receivables, Accounts payable, Accrued expenses and other noncurrent liabilities: The carrying amount approximates fair value due to the short maturity of these instruments.

Debt: The fair value of the Company’s debt is estimated based on the current rates offered to the Company for debt of the same or similar issues. Based on the variable rate interest (Level 2) in-place, the fair value of the Company’s debt approximated its carrying value on March 31, 2026, and December 31, 2025.

Derivative liability: The probability of near term payoff of the Redeemable Senior Preferred Membership Interests has decreased the value of the derivative to $0 as of March 31, 2026, and December 31, 2025.

The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the derivative liability during the three months ended March 31, 2026, and the year ended December 31, 2025, were as follows:

Change in fair value of derivative liability


Balance at December 31, 2024	$	900
Change in fair value		(900)
Balance at December 31, 2025	$	—
Change in fair value		—
Balance at March 31, 2026	$	—

There were no transfers between Levels 1, 2, and 3 during the reporting period.

Nonrecurring fair value measurements

The Company also measures certain assets at fair value on a nonrecurring basis, including other investments, goodwill, property and equipment, operating lease right-of-use assets, and finance lease right-of-use assets when impairment indicators are present.

The fair value of these assets is based on management’s estimates of the amount that could be realized from the sale of assets in a current transaction between willing parties. Impairment is evaluated and recorded throughout the year, as necessary. The fair value estimates are derived from offers, actual sale or disposition of assets, and other indications of fair value, which are considered Level 3 inputs. The Level 3 inputs of fair value measurement are significantly influenced

by market conditions, including changes in supply and demand, interest rates and financing conditions, inflation, and broader economic trends.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Financing Obligations, net - Cancelled 2019 Sale-leaseback transactions - Components (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Sale Leaseback Transaction [Line Items]
Long-term Financing Obligation, net of amounts representing current maturities, debt discount, and debt issuance costs	$ 223,002	$ 222,851
Cancelled 2019 Sale-leaseback transactions
Sale Leaseback Transaction [Line Items]
Net principal payments under financing obligations	225,275	225,771
Less: current maturities of financing obligations	(2,065)	(2,034)
Less: debt discount and debt issuance costs, net of accumulated amortization of $406 and $390 as of March 31, 2026, and December 31, 2025, respectively	(870)	(886)
Long-term Financing Obligation, net of amounts representing current maturities, debt discount, and debt issuance costs	222,340	222,851
Accumulated amortization of debt discount and debt issuance costs	$ 406	$ 390

Stockholder's Equity (Details) - USD ($)	Apr. 23, 2021	Mar. 31, 2026	Dec. 31, 2025
Stockholders' Equity Note [Abstract]
Common stock shares authorized		100	100
Common stock par value		$ 0.01	$ 0.01
Common stock shares issued	100
Common stock value issued	$ 1

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Total assets	$ 1	$ 1
BW Ultimate Parent, LLC and Subsidiaries
Current assets:
Cash and cash equivalents	56,472,000	36,592,000
Accounts receivable, net of allowance for credit losses of $138 and $147 as of March 31, 2026, and December 31, 2025, respectively	32,213,000	24,538,000
Inventories	88,282,000	83,171,000
Prepaid expenses	5,183,000	6,158,000
Other current assets	18,500,000	13,235,000
Total current assets	200,650,000	163,694,000
Property and equipment, net	860,351,000	868,559,000
Intangible assets	280,946,000	280,946,000
Goodwill	277,996,000	277,996,000
Operating lease right-of-use assets, net	338,635,000	332,655,000
Finance lease right-of-use assets, net	1,902,000	1,931,000
Assets held for sale	16,599,000	16,501,000
Other assets	11,692,000	6,892,000
Total assets	1,988,771,000	1,949,174,000
Current liabilities:
Current maturities of debt	4,100,000	4,100,000
Current maturities of financing obligations	2,065,000	2,034,000
Current maturities of operating lease liabilities	5,456,000	5,417,000
Current maturities of finance lease liabilities	69,000	68,000
Due to affiliates	$ 58,000	$ 46,000
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accounts payable	$ 98,805,000	$ 72,964,000
Accrued expenses and other current liabilities	41,961,000	49,072,000
Total current liabilities	152,514,000	133,701,000
Debt, net of current maturities, debt discount, and debt issuance costs	418,163,000	428,211,000
Financing obligations, net of current maturities, debt discount, and debt issuance costs	223,002,000	222,851,000
Operating lease liabilities, net of current maturities	323,080,000	316,451,000
Finance lease liabilities, net of current maturities	2,162,000	2,180,000
Asset retirement obligations	10,272,000	10,096,000
Liabilities held for sale	1,422,000	1,422,000
Other noncurrent liabilities	10,981,000	11,465,000
Total liabilities	1,141,596,000	1,126,377,000
Commitments and contingencies
Redeemable senior preferred membership interests (150,000 shares authorized and outstanding, redemption value of $249,287 and $239,628 and liquidation preference amount of $249,287 and $239,628 as of March 31, 2026, and December 31, 2025, respectively)	249,287,000	239,628,000
Members' equity
Members' capital	596,789,000	582,070,000
Non-controlling interest	1,099,000	1,099,000
Total members' equity	597,888,000	583,169,000
Total liabilities, senior preferred membership interests, equity, and members' equity	$ 1,988,771,000	$ 1,949,174,000

Fair Value Measurements - Fair value hierarchy of the Company's assets and liabilities (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Derivatives	$ 0	$ 0
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	52,984	28,272
Total Derivatives	0	0
Total	52,984	28,272
Recurring \| Level 1 \| Redeemable senior preferred membership interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Derivatives	0	0
Recurring \| Level 1 \| Overnight Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	52,984	28,272
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	0	0
Total Derivatives	0	0
Total	0	0
Recurring \| Level 2 \| Redeemable senior preferred membership interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Derivatives	0	0
Recurring \| Level 2 \| Overnight Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	0	0
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	0	0
Total Derivatives	0	0
Total	0	0
Recurring \| Level 3 \| Redeemable senior preferred membership interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Derivatives	0	0
Recurring \| Level 3 \| Overnight Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	$ 0	$ 0

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

6.	Related Party Transactions

As of March 31, 2026, the Company’s sole stockholder served as a manager of Ultimate Parent’s Board of Managers.

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Summary of Significant Accounting Policies - Self-Insurance Reserves (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Health and dental benefits
Accounting Policies [Line Items]
Stop-Loss coverage threshold for Self-Insured Claims	$ 200
Self-insurance reserve, current	2,111		$ 3,904
Self-insurance expense	3,235	$ 2,008
Workers' compensation and general liability
Accounting Policies [Line Items]
Self-insurance reserve, current	$ 5,729		$ 5,550

Leases - Components of lease expenses (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lessee, Lease, Description [Line Items]
Amortization of right-of-use assets	$ 29	$ 29
Interest on lease liabilities	30	30
Operating lease cost	8,753	6,355
Variable lease cost	22	21
Short-term lease cost	8	5
Total lease costs, net	$ 8,842	$ 6,440

Debt (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands			3 Months Ended
	Dec. 18, 2025	Apr. 02, 2021	Mar. 31, 2026
2021 Term Loan
Debt Instrument [Line Items]
Amount borrowed		$ 410,000
Term		7 years
Basis spread			275.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Interest rate			7.28%
Principal amount payable quarterly			$ 1,025
2021 Revolver
Debt Instrument [Line Items]
Amount borrowed		$ 150,000
Term		5 years
Percentage of decrease	25.00%
Percentage of upfront fee eliminated	0.10%
Basis spread			275.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Interest rate			6.17%
Unused capacity			$ 110,000
Number of days to prepay			125 days
Letter of credit
Debt Instrument [Line Items]
Unused capacity			$ 3,127

Assets and Liabilities Held for Sale (Tables)

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of assets and liabilities held for sale


		Carrying Amount			Carrying Amount
		as of			as of
Assets		March 31, 2026			December 31, 2025
Goodwill		$	1,460		$	1,460
Property and equipment, net			15,139			15,041
Total assets held for sale		$	16,599		$	16,501


	Carrying Amount		Carrying Amount
	as of		as of
Liabilities	March 31, 2026		December 31, 2025
Asset retirement obligations	$	1,422	$	1,422
Total liabilities held for sale	$	1,422	$	1,422

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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-SubTopic 10
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+ Details

Summary of Significant Accounting Policies - Deferred Revenue - Loyalty Program (Details) - BW Ultimate Parent, LLC and Subsidiaries $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Changes in the loyalty rewards program liability
Loyalty rewards liability, beginning balance	$ 3,456
Revenue deferred	1,641
Revenue recognized	(1,614)
Loyalty rewards liability, ending balance	$ 3,483
Loyalty rewards liability, expected recognition period	1 year

Leases (Tables) - BW Ultimate Parent, LLC and Subsidiaries

3 Months Ended

Mar. 31, 2026

Lessee, Lease, Description [Line Items]

Schedule of components of lease expenses and weighted-average remaining lease terms and discount rates


Three months ended March 31,		2026		2025
Finance lease cost:
Amortization of right-of-use assets		$	29	$	29
Interest on lease liabilities			30		30
Operating lease cost			8,753		6,355
Variable lease cost			22		21
Short-term lease cost			8		5
Total lease costs, net		$	8,842	$	6,440

Schedule of future minimum payments under the finance leases and operating leases


Three months ended March 31,	2026		2025
Operating cash outflows for finance leases	30		30
Operating cash outflows for operating leases	7,387		5,455
Financing cash outflows for finance leases	17		16
Weighted-average remaining lease-term - finance lease	17.1	years	18.0	years
Weighted-average remaining lease-term - operating lease	18.0	years	18.6	years
Weighted-average discount rate - finance lease	5.49	%	5.48	%
Weighted-average discount rate - operating lease	7.66	%	7.62	%

Schedule of future minimum payments under the finance leases and operating leases


Years ending		Finance leases			Operating leases
2026 (remaining period)		$	140		$	22,626
2027			188			30,645
2028			189			30,640
2029			189			30,929
2030			198			31,493
Thereafter			2,591			483,067
Total minimum lease payments			3,495			629,400
Less: amount representing interest			(1,264)			(300,864)
Present value of net minimum lease payments		$	2,231		$	328,536

Debt (Tables) - BW Ultimate Parent, LLC and Subsidiaries

3 Months Ended

Mar. 31, 2026

Debt Instrument [Line Items]

Schedule of debt components


		March 31, 2026		December 31,2025
2021 Term Loan (effective interest rate of 8.46% and 9.11% as of March 31, 2026, and December 31, 2025, respectively)		$	390,525	$	391,550
2021 Revolver (effective interest rate of 6.37% and 7.63% as of March 31, 2026, and December 31, 2025, respectively)			40,000		50,000
Total debt			430,525		441,550
Less: debt discount and debt issuance costs			(8,262)		(9,239)
Less: current maturities of debt			(4,100)		(4,100)
Debt, net of current maturities, debt discount, and debt issuance costs		$	418,163	$	428,211

Schedule of principal payments of debts


Years ending		Amount
2026 (remaining period)		$	3,075
2027			4,100
2028			423,350
Total		$	430,525

Schedule of interest activity for debt


Three months ended March 31,		2026		2025
Interest incurred		$	8,998	$	10,606
Less: Amounts capitalized			(425)		—
Interest expense		$	8,573	$	10,606

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Condensed Balance Sheets - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash	$ 1	$ 1
Total assets	1	1
Stockholder's Equity
Common stock, $0.01 par value, 100 shares authorized, issued, and outstanding	1	1
Additional Paid-In Capital	205,418	157,872
Accumulated Deficit	(205,418)	(157,872)
Total Stockholder's Equity	$ 1	$ 1

- Definition

Amount of asset recognized for present right to economic benefit.

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Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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Amount of accumulated undistributed earnings (deficit).

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

BW Ultimate Parent, LLC and Subsidiaries

Long-Term Purchase Commitment [Line Items]

Schedule of minimum volume purchase requirements

The following provides minimum volume purchase requirements on March 31, 2026 (in thousands of gallons):


Years ending
2026 (remaining period)		123,128
2027		130,638
2028		120,000
2029		120,000
2030		60,000
Total		553,766

Summary of Significant Accounting Policies - Fuel and Merchandise Vendor Allowances And Rebates (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Line Items]
Fuel Supplier Incentives and Allowances	$ 428	$ 374
Merchandise Vendor Allowances and Rebates	$ 9,718	$ 9,069

Condensed Statements of Operations - USD ($)	3 Months Ended
Condensed Statements of Operations - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Expenses:
General and administrative expenses	$ 47,546	$ 282
Total Operating Expenses	47,546	282
Net income (loss)	$ (47,546)	$ (282)
Net loss per share attributable to common stockholder - basic	$ (475.46)	$ (2.82)
Net loss per share attributable to common stockholder - diluted	$ (475.46)	$ (2.82)
Weighted-average common stock outstanding - basic	100	100
Weighted-average common stock outstanding - diluted	100	100

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations and should be read in conjunction with the Company’s latest audited annual financial statements. In the opinion of the Company, the accompanying unaudited financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2026, and December 31, 2025, and its results of operations for the three months ended March 31, 2026, and March 31, 2025, and cash flows for the three months ended March 31, 2026, and March 31, 2025. Based on the Company’s expense sharing arrangement with Ultimate Parent (see Note 6), the funds provided under that arrangement will be sufficient to fund anticipated operating expenses for at least twelve months from the date on which the financial statements were available for issuance.
Cash	Cash All cash was cash on hand and is carried in the financial statements at amounts which approximates its fair value.
Net Loss per Share	Net Loss per Share Basic net loss per common share is calculated by dividing net loss applicable to common stockholder by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is calculated by increasing the denominator by the weighted-average number of additional shares that could have been outstanding from securities convertible into common stock, such as stock options, unless their effect on net loss per share is antidilutive.
Income Taxes	Income Taxes The Company is treated as a subchapter C corporation and, therefore, is subject to both federal and state income taxes. Ultimate Parent continues to be recognized as a limited liability company, a pass-through entity for income tax purposes. The Company has had no income tax expense due to operating losses incurred since inception. ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more-likely-than-not that some portion or all the deferred tax assets will not be realized. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on this, the Company has provided a valuation allowance for the full amount of the net deferred tax assets as the realization of the deferred tax assets is not determined to be more likely than not. The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes, which specifies how tax benefits for uncertain tax positions are to be recognized, measured, and recorded in financial statements; requires certain disclosures of uncertain tax matters; specifies how reserves for uncertain tax positions should be classified on the balance sheet; and provides transition and interim period guidance, among other provisions. As of March 31, 2026, and December 31, 2025, the Company has not recorded tax reserves associated with any unrecognized tax benefits. The Company’s policy is to recognize interest and penalties accrued on any uncertain tax positions as a component of income tax expense, if any, in its statements of income. As of March 31, 2026, and December 31, 2025, the Company had no reserves for uncertain tax positions. The Company’s federal income tax returns for the years ended December 31, 2022, to December 31, 2025, remain open and are subject to examination by the Internal Revenue Service and state taxing authorities.
Accounting Pronouncements Adopted During the Current Year	Accounting Pronouncements Adopted During the Current Year In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. The standard relates to estimating credit losses under CECL for current accounts receivable and current contract assets arising from revenue transactions accounted for under ASC 606, Revenue from Contracts with Customers, including those acquired in a transaction accounted for under ASC 805, Business Combinations. The standard does not apply to other types of accounts receivable and loans. The standard provides a practical expedient to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period for eligible assets. Entities will still be required to adjust historical data used in the estimation to reflect current conditions. If elected, the practical expedient must be applied consistently to all eligible current accounts receivable and current contract assets. The Company adopted this standard on January 1, 2026, on a prospective basis. There was no impact on the Company’s financial statements or footnote disclosures as a result of adopting the practical expedient. Recently Issued Accounting Pronouncements - Not yet Adopted In December 2025, the FASB issued ASU 2025-11, Interim Reporting. The standard clarifies interim disclosure requirements and requires entities to disclose events since the end of the last annual reporting period that have had a material impact on the entity. The new guidance will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and is to be adopted on a prospective basis. Early adoption is permitted and may be applied either prospectively or retrospectively. The Company is currently evaluating ASU 2025-11 to determine its impact on financial and footnote disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general, and administrative, and research and development). The amendments will require public entities or private companies that are in the process of going public to disclose specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The new standard is effective for the Company’s annual periods beginning January 1, 2027, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this standard to determine its impact on the financial statements and footnote disclosures.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Subsequent Events - Transactions (Details) - Subsequent Event	Apr. 23, 2026 shares
Class A common stock \| BW Ultimate Parent, LLC
Subsequent Event [Line Items]
Shares in exchange for interest	15,085,561
Class B common stock \| BW Ultimate Parent, LLC
Subsequent Event [Line Items]
Shares in exchange for interest	32,009,185
BW Ultimate Parent, LLC and Subsidiaries
Subsequent Event [Line Items]
Percentage of ownership interest by controlling entity	49.30%
Percentage of ownership interest by non-controlling interest holders	50.70%
BW Ultimate Parent, LLC and Subsidiaries \| Class A common stock \| BW Ultimate Parent, LLC
Subsequent Event [Line Items]
Shares in exchange for interest	15,085,561
BW Ultimate Parent, LLC and Subsidiaries \| Class B common stock \| BW Ultimate Parent, LLC
Subsequent Event [Line Items]
Shares in exchange for interest	32,009,185

Summary of Significant Accounting Policies - Non-Controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
BW Ultimate Parent, LLC and Subsidiaries
Noncontrolling Interest [Line Items]
Net income attributable to non-controlling interest	$ 0	$ 0

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

+ Details

Assets and Liabilities Held for Sale - Carrying amounts (Details) - BW Ultimate Parent, LLC and Subsidiaries - Iowa and Kansas convenience stores - Iowa and Kansas - Held for sale not discontinued operations - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets held for sale
Goodwill	$ 1,460	$ 1,460
Property and equipment, net	15,139	15,041
Total assets held for sale	16,599	16,501
Liabilities held for sale
Asset retirement obligations	1,422	1,422
Total liabilities held for sale	$ 1,422	$ 1,422

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

7.	Segment Information

- Definition

+ References

+ Details

Redeemable Senior Preferred Membership Interests and Equity (Details) - BW Ultimate Parent, LLC and Subsidiaries $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) Right $ / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2020	Dec. 31, 2025 USD ($)
Temporary Equity [Line Items]
Liquidation Preference Amount equal to the Redemption value amount	$ 249,287			$ 239,628
Redeemable Senior Preferred Members
Temporary Equity [Line Items]
Number of voting rights \| Right	0
Number of units issued \| shares		150,000
Stated value		$ 150,000
Aggregate gross cash proceeds		$ 147,000
Distributions paid on cash, base percentage	9.75%
Distributions paid on cash, annual increase percentage	1.50%
Quarterly compound interest, base percentage	10.50%
Quarterly compound interest, Annual increase percentage	1.50%
Accrued cumulative distributions	$ 99,287
Preferential payment, stated value \| $ / shares	$ 1,000
Liquidation Preference Amount equal to the Redemption value amount	$ 249,287
Number of conversion or exchange rights \| Right	0
Redemption price multiplier	1.3
Series P Members
Temporary Equity [Line Items]
Number of voting rights \| Right	0
Maximum interest, percentage	2.50%		2.50%

Related Party Transactions (Details) - USD ($)	3 Months Ended
Related Party Transactions (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Related Party Transactions [Abstract]
Expense incurred by ultimate parent company	$ 47,546	$ 282

Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Credit Losses (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Jan. 01, 2025
Accounting Policies [Line Items]
Trade accounts receivable	$ 31,282	$ 23,707
Lottery accounts receivable	725	684
Other accounts receivable	344	294
Allowance for credit losses	(138)	(147)
Accounts receivable, net	$ 32,213	$ 24,538	$ 22,128

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Line Items]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Presentation

Cash

All cash was cash on hand and is carried in the financial statements at amounts which approximates its fair value.

Net Loss per Share

Income Taxes

Accounting Pronouncements Adopted During the Current Year

Recently Issued Accounting Pronouncements - Not yet Adopted

BW Ultimate Parent, LLC and Subsidiaries

Accounting Policies [Line Items]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of presentation

Principles of consolidation

Use of estimates

Although the Company believes its estimates are reasonable, actual results could differ from these estimates.

Cash and cash equivalents

Accounts receivable and allowance for credit losses

Below is a summary of the receivable values at March 31, 2026, and December 31, 2025, with a beginning balance at January 1, 2025, for the amount of $22,128:


		March 31, 2026		December 31, 2025
Trade accounts receivable		$	31,282	$	23,707
Lottery accounts receivable			725		684
Other accounts receivable			344		294
Allowance for credit losses			(138)		(147)
Accounts receivable, net		$	32,213	$	24,538

At March 31, 2026, and December 31, 2025, all of the Company’s accounts receivable were classified as current assets and there were no non-standard payment terms.

Inventories

Inventories consist of the following:


		March 31, 2026		December 31, 2025
Fuel		$	26,612	$	21,097
Merchandise			61,670		62,074
Total inventories		$	88,282	$	83,171

Other current assets


		March 31, 2026		December 31, 2025
BTS Arrangements - construction in progress		$	15,501	$	10,352
Other			2,999		2,883
Total other current assets		$	18,500	$	13,235

Property and equipment


Category		Range
Buildings and improvements		10-39 years
Equipment		5 years
Tanks		Lesser of lease term or 40 years
Leasehold improvements		Lesser of lease term or useful life

Impairment and disposal of long-lived assets

Goodwill

Assets Held for Sale

The Company classifies assets and liabilities as held for sale when the below conditions are satisfied:

●

Management has approved and committed to a plan to sell the assets or disposal group.

●

The asset or disposal group is available for immediate sale in its present condition.

●

An active program to locate a buyer and other actions required to complete the sale have been initiated.

●

The sale of the asset or disposal group is probable and expected to be completed within one year.

●

The asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

●

It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Self-insurance reserves

Revenue recognition

Point in time

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2026, and March 31, 2025:


Three months ended March 31,		2026		2025
Fuel sales		$	464,305	$	400,177
Inside merchandise sales			213,677		195,104
Other revenues			5,648		5,037
Total revenues		$	683,630	$	600,318

Deferred revenue – loyalty program

Changes in the loyalty rewards program liability are included in Accrued expenses and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets were as follows:


		March 31, 2026
Loyalty rewards liability, beginning balance		$	3,456
Revenue deferred			1,641
Revenue recognized			(1,614)
Loyalty rewards liability, ending balance		$	3,483

The Company expects all loyalty rewards outstanding as of March 31, 2026, to be recognized within one year.

Excise tax

Excise taxes of $58,973 and $54,317 on retail fuel sales are included in total revenues and cost of goods sold for the three months ended March 31, 2026, and March 31, 2025, respectively.

Cost of goods sold (exclusive of depreciation and amortization)

Fuel and merchandise vendor allowances and rebates

Concentration of suppliers

not be immediately available or would not meet the current pricing resulting in a material effect on the Company’s business, costs of goods sold, and results of operations.

Concentration of credit risk

Unit incentive plan

Redeemable senior preferred membership interests

Non-controlling interest

Lease accounting

The Company has elected to account for each lease component and its associated non-lease components as a single component and has allocated the contract consideration across lease components only.

Asset retirement obligations

The following is a roll forward of the asset retirement obligations at March 31, 2026, and December 31, 2025:


		March 31, 2026		December 31, 2025
Balance at beginning of period		$	10,096	$	10,854
Accretion expense			160		635
Liabilities settled			—		(141)
Revisions in estimated cash flows			—		(178)
Liabilities incurred			16		348
Liabilities classified as held for sale			—		(1,422)
Balance at end of period		$	10,272	$	10,096

Segment reporting

Accounting Pronouncements adopted during the current year

Recently Issued Accounting Pronouncements - Not yet Adopted

In December 2025, the FASB issued ASU 2025-11, Interim Reporting. The standard clarifies interim disclosure requirements and requires entities to disclose events since the end of the last annual reporting period that have had a

material impact on the entity. The new guidance will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and is to be adopted on a prospective basis. Early adoption is permitted and may be applied either prospectively or retrospectively. The Company is currently evaluating ASU 2025-11 to determine its impact on financial and footnote disclosures.

Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
BW Ultimate Parent, LLC and Subsidiaries
(a) Includes excise taxes of approximately:	$ 58,973	$ 54,317

Summary of Significant Accounting Policies - Lease Accounting (Details) - BW Ultimate Parent, LLC and Subsidiaries	Mar. 31, 2026
Lessee, Lease, Description [Line Items]
Initial term	20 years
Minimum
Lessee, Lease, Description [Line Items]
Initial term	10 years
Maximum
Lessee, Lease, Description [Line Items]
Initial term	20 years

Description of Business (Details) - BW Ultimate Parent, LLC and Subsidiaries	Mar. 31, 2026 state store
Description of Business [Line Items]
Number of stores operated by the company \| store	449
Number of states in which company is operating \| state	9

Property and Equipment (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Gross	$ 1,119,087		$ 1,111,495
Less: accumulated depreciation and amortization	(258,736)		(242,936)
Property and equipment, net	860,351		868,559
Depreciation, amortization, and accretion	15,799	$ 15,377
Proceeds from disposal of property and equipment	0	916
Gain on sale of property and equipment	(10)	$ 550
Land
Property, Plant and Equipment [Line Items]
Gross	186,371		182,433
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross	539,872		535,982
Equipment
Property, Plant and Equipment [Line Items]
Gross	221,340		216,717
Tanks
Property, Plant and Equipment [Line Items]
Gross	160,078		158,833
Construction in process
Property, Plant and Equipment [Line Items]
Gross	$ 11,426		$ 17,530

Net Loss per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss per Share

5.	Net Loss per Share

For purposes of the diluted net loss per share calculation, stock options, unvested restricted stock, and unvested performance stock units are considered to be common stock equivalents. There were no such instruments outstanding. As a result, diluted net loss per share is equal to basic net loss per share.

Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business

Yesway, Inc. (the “Company”) was incorporated in Delaware on April 23, 2021. Pursuant to a reorganization into a holding company structure, the Company is a holding company, and its principal asset is a controlling equity interest in BW Ultimate Parent, LLC (“Ultimate Parent”) as of the closing of its initial public offering (the “IPO”). As the sole managing member of Ultimate Parent, the Company will operate and control all of the business and affairs of Ultimate Parent and, through Ultimate Parent and its subsidiaries, conduct its business. The accompanying unaudited condensed financial statements and notes are as of March 31, 2026, and do not reflect the reorganization of the Company which occurred pursuant to the IPO as described in Note 8 – Subsequent Events.

Financing Obligations, net - Cancelled 2019 Sale-leaseback transactions - Future minimum payments (Details) - BW Ultimate Parent, LLC and Subsidiaries - Cancelled 2019 Sale-leaseback transactions - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Sale Leaseback Transaction [Line Items]
2026 (remaining period)	$ 12,832
2027	17,110
2028	17,110
2029	17,110
2030	17,110
Thereafter	503,415
Total	584,687
Less: imputed interest	(359,412)
Total	$ 225,275	$ 225,771

Condensed Statements of Cash Flows - USD ($)	3 Months Ended
Condensed Statements of Cash Flows - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities:
Net loss	$ (47,546)	$ (282)
Net Cash Used in Operating Activities	(47,546)	(282)
Cash Flows from Financing Activities:
Capital contribution	47,546	282
Net Cash Provided by Financing Activities	47,546	282
Net Change in Cash	0	0
Cash at Beginning of Year	1	1
Cash at End of Year	$ 1	$ 1

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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+ Details

Summary of Significant Accounting Policies - Unit Incentive Plan (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Distribution for members	$ 743
Series P Members
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum interest, percentage	2.50%	2.50%
Unit incentive plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Distribution for members	$ 762,110
Unit incentive plan \| Series P Members
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum interest, percentage	2.50%
Vesting period	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	100	100
Common stock shares issued (in shares)	100	100
Common stock shares outstanding (in shares)	100	100

Subsequent Events - 2026 Equity Incentive Plan (Details) - Subsequent Event	Apr. 23, 2026 USD ($) $ / shares shares
Subsequent Event [Line Items]
Number of shares authorized for equity-based awards	7,331,369
Percentage of annual increase to share reserve	4.00%
RSUs
Subsequent Event [Line Items]
Shares granted	3,628,000
Grant date fair value (in dollars per share) \| $ / shares	$ 20
Aggregate fair value \| $	$ 72,560,000
Minimum \| RSUs
Subsequent Event [Line Items]
Vesting period	1 year
Maximum \| RSUs
Subsequent Event [Line Items]
Vesting period	3 years

Subsequent Events - Amended and Restated Certificate of Incorporation (Details)	Apr. 21, 2026 Vote $ / shares shares	Mar. 31, 2026 $ / shares shares	Dec. 31, 2025 $ / shares shares
Subsequent Event [Line Items]
Common stock shares authorized \| shares		100	100
Common stock par value \| $ / shares		$ 0.01	$ 0.01
Subsequent Event
Subsequent Event [Line Items]
Preferred stock shares authorized \| shares	10,000,000
Preferred stock par value \| $ / shares	$ 0.0001
Subsequent Event \| Class A common stock
Subsequent Event [Line Items]
Common stock shares authorized \| shares	500,000,000
Common stock par value \| $ / shares	$ 0.0001
Number of votes per share \| Vote	1
Subsequent Event \| Class B common stock
Subsequent Event [Line Items]
Common stock shares authorized \| shares	150,000,000
Common stock par value \| $ / shares	$ 0.0001
Number of votes per share \| Vote	1
Number of interests held by transferee	1
Number of interests redeemed by interest holders	1

Income Taxes - Schedule of reconciliation of the U.S. statutory rate to the effective tax rate (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effect income tax rates reconciliation, Amount
U.S. federal statutory rate	$ (9,985)	$ (59)
Changes in valuation allowances	9,985	$ 59
Effective tax	$ 0
Tax Jurisdiction of Domicile [Extensible Enumeration]	country:US	country:US
Effect income tax rates reconciliation, Percent
U.S. federal statutory rate	(21.00%)	(21.00%)
Changes in valuation allowances	21.00%	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Subsequent Events - Tax Receivable Agreement (Details)	Apr. 23, 2026
Subsequent Event
Subsequent Event [Line Items]
Percentage of tax benefits to be paid	85.00%

Fair Value Measurements - Changes in fair value of derivative liability (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers between levels	$ 0
Derivative liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	0	$ 900
Change in fair value	0	(900)
Balance at end of the period	$ 0	$ 0

Condensed Statements of Changes in Stockholder's Equity - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2024	$ 1	$ 78,419	$ (78,419)	$ 1
Beginning balance (in shares) at Dec. 31, 2024	100
Changes in Stockholder's Equity
Capital contribution	$ 0	282	0	282
Net loss	0	0	(282)	(282)
Ending balance at Mar. 31, 2025	$ 1	78,701	(78,701)	1
Ending balance (in shares) at Mar. 31, 2025	100
Beginning balance at Dec. 31, 2025	$ 1	157,872	(157,872)	$ 1
Beginning balance (in shares) at Dec. 31, 2025	100			100
Changes in Stockholder's Equity
Capital contribution		47,546		$ 47,546
Net loss			(47,546)	(47,546)
Ending balance at Mar. 31, 2026	$ 1	$ 205,418	$ (205,418)	$ 1
Ending balance (in shares) at Mar. 31, 2026	100			100

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Summary of Significant Accounting Policies - Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2026 segment
Segment Reporting Information [Line Items]
Number of Operating Segments	1
Number of reportable segments	1
BW Ultimate Parent, LLC and Subsidiaries
Segment Reporting Information [Line Items]
Number of Operating Segments	1

Leases - Future minimum payments (Details) - BW Ultimate Parent, LLC and Subsidiaries $ in Thousands	Mar. 31, 2026 USD ($)
Finance leases
2026 (remaining period)	$ 140
2027	188
2028	189
2029	189
2030	198
Thereafter	2,591
Total minimum lease payments	3,495
Less: amount representing interest	(1,264)
Present value of net minimum lease payments	2,231
Operating leases
2026 (remaining period)	22,626
2027	30,645
2028	30,640
2029	30,929
2030	31,493
Thereafter	483,067
Total minimum lease payments	629,400
Less: amount representing interest	(300,864)
Present value of net minimum lease payments	$ 328,536

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended
Condensed Consolidated Statements of Income - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Expenses:
Total Operating Expenses	$ 47,546	$ 282
Other expense
Income tax expense	0
Net income (loss)	(47,546)	(282)
Net income (loss)	(47,546)	(282)
BW Ultimate Parent, LLC and Subsidiaries
Revenues (a)	683,630,000	600,318,000
Expenses:
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) (a)	529,215,000	480,452,000
Salaries and employee benefits	49,712,000	49,096,000
Selling, general, and administrative expenses	46,357,000	45,798,000
Depreciation, amortization, and accretion	15,988,000	15,517,000
(Gain) loss on disposal of assets	(86,000)	(745,000)
Total Operating Expenses	641,186,000	590,118,000
Income from operations	42,444,000	10,200,000
Other expense
Interest expense, net	12,208,000	14,534,000
Change in fair value of derivative liability	0	1,300,000
Total other expense, net	12,208,000	15,834,000
Income before income tax expense	30,236,000	(5,634,000)
Income tax expense	0	0
Net income (loss)	30,236,000	(5,634,000)
Net income attributable to non-controlling interest	0	0
Net income (loss)	$ 30,236,000	$ (5,634,000)

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
BW Ultimate Parent, LLC and Subsidiaries
Cash and Cash Equivalents [Line Items]
Amount in excess of federally insured limits	$ 59,303	$ 29,004

Financing Obligations, net (Tables) - BW Ultimate Parent, LLC and Subsidiaries

3 Months Ended

Mar. 31, 2026

Cancelled 2019 Sale-leaseback transactions

Sale Leaseback Transaction [Line Items]

Schedule of financing obligations associated with sale-leaseback transaction


		March 31, 2026		December 31, 2025
Net principal payments under financing obligations		$	225,275	$	225,771
Less: current maturities of financing obligations			(2,065)		(2,034)
Less: debt discount and debt issuance costs, net of accumulated amortization of $406 and $390 as of March 31, 2026, and December 31, 2025, respectively			(870)		(886)
Long-term Financing Obligation, net of amounts representing current maturities, debt discount, and debt issuance costs		$	222,340	$	222,851

Schedule of minimum payments related to the financing obligations under sale-leaseback transaction


Years ending		Amount
2026 (remaining period)		$	12,832
2027			17,110
2028			17,110
2029			17,110
2030			17,110
Thereafter			503,415
Total			584,687
Less: imputed interest			(359,412)
Total		$	225,275

BTS Arrangements

Sale Leaseback Transaction [Line Items]

Schedule of financing obligations associated with sale-leaseback transaction


		March 31, 2026		December 31, 2025
Beginning, financing obligation under BTS Arrangements		$	—	$	12,809
Add: Additional proceeds from BTS Arrangements, net of debt issuance costs			2,489		4,970
Less: Deferred closing costs			(26)		(231)
Less: Land considered sold upon commencement			(1,801)		(17,548)
Ending, financing obligation under BTS Arrangements		$	662	$	—

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (47,546)	$ (282)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies - Excise Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
BW Ultimate Parent, LLC and Subsidiaries
Accounting Policies [Line Items]
Excise taxes	$ 58,973	$ 54,317

Debt - Debt components (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 430,525	$ 441,550
Less: debt discount and debt issuance costs	(8,262)	(9,239)
Less: current maturities of debt	(4,100)	(4,100)
Debt, net of current maturities, debt discount, and debt issuance costs	418,163	428,211
2021 Term Loan
Debt Instrument [Line Items]
Total debt	$ 390,525	$ 391,550
Effective interest rate	8.46%	9.11%
2021 Revolver
Debt Instrument [Line Items]
Total debt	$ 40,000	$ 50,000
Effective interest rate	6.37%	7.63%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Commitments and Contingencies - Environmental liabilities (Details) - BW Ultimate Parent, LLC and Subsidiaries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Site Contingency [Line Items]
Undiscounted estimated liability	$ 3,262		$ 3,262
Environmental remediation and maintenance expense	$ 551	$ 551
Environmental Remediation Expense, before Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling General And Administrative Expense Excluding Salaries And Employee Benefits	Selling General And Administrative Expense Excluding Salaries And Employee Benefits

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Commitments and Contingencies - Purchase commitments (Details) - BW Ultimate Parent, LLC and Subsidiaries gal in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) gal	Mar. 31, 2025 USD ($)
Long-Term Purchase Commitment [Line Items]
Fulfilled purchase commitments \| $	$ 288,303	$ 261,635
Minimum volume purchase requirements
2026 (remaining period)	123,128
2027	130,638
2028	120,000
2029	120,000
2030	60,000
Total	553,766

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Loss per Share (Details)	3 Months Ended
Net Loss per Share (Details)	Mar. 31, 2026 shares
Earnings Per Share [Abstract]
Number of dilutive instruments	0